BNTUSD Remains Bearish as Price Seeks Sell Orders at the Major Trendline
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BNTUSD Analysis – The Market Remains Bearish as Price Seeks Sell Orders at the Major Trendline
BNTUSD remains bearish as the price seeks sell orders at the major trendline. Ever since the price sank below the 0.6940 price level, the market has been ranging between two significant zones. Though the market is in a consolidation phase, there exists a major trendline in the market that resists the overflow of price to the upside.
BNTUSD Significant Zones
Demand Zones: 0.3050, 0.1230
Supply Zones: 0.5270, 0.6940
According to Bollinger Bands, the market is currently in a consolidation phase. Once the Bollinger Bands expand, BNTUSD might rebuff at the major trendline, after which the bears will continue to dominate the market. The major trendline emerged when the price got rejected at the 0.6940 supply zone on August 8, 2022, and since then, BNTUSD has remained bearish. The crash of prices into the two significant zones at 0.6940 and 0.3050 price levels happened on June 13, 2022.
From the significant level of 0.6940, BNTUSD continued to trend downward but with reduced momentum. This movement continued within the Bollinger Bands until the swing low was reached at the 0.3290 price level. On November 8, 2022, the price was delivered to the downside as a result of two bullish candlesticks at the resistance level of 0.5270. The two bullish candlesticks constituted the formation of the bearish order block on the daily chart. The market currently seems to be returning to the daily bearish order block to execute the sell orders.
Market Expectation
The market is currently rising in fractals within an ascending channel on the four-hour chart. Once the major trendline or the daily bearish order block is reached, the price is expected to resume its trend to the downside.
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