A Prominent Breakout Occurs in the Bancor (BNTUSD) Market
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Free Crypto Signals Channel
Free Telegram Channel
Bancor Analysis: A Bullish Surge Leads to a Prominent Breakout in the Market
A prominent breakout has occurred in the BANCOR market with the current bullish surge. The market changed trend on the 24th of January with a sharp rejection underneath the bearish candle. The market ascended to meet resistance at $2.890. There was a break in the market structure on the 17th of February. The bulls swept the low at $2.510. The Moving Average period nine (red) and period twenty-one (blue) crossed to signify bearishness. There was a swing in the market to the next demand zone at $2.080.
Bancor Prominent Zones
Demand Zones: $2.080, $2.510
Supply Zones: $2.890, $2.300
The market consolidated for a few days in the demand zone. On the 28th of February, a breakout was prominent in the BANCOR Market. The market reached the previous demand zone at $2.510. The previous demand zone acted as resistance to prevent higher pricing. The market dropped back to the demand zone at $2.080. A falling triangle was forming with the arrangement of the daily candles on the chart.
Equal lows were prominent in the BANCOR market at the $2.080 demand zone. Lower highs were formed consecutively also. This created the falling triangle pattern. On the 13th of March, the market settled once again in the demand zone. This gave room for the bulls to get engaged in the market. A bullish surge was initiated on the 14th of March. The market has sprung to violate the previous resistance level at $2.300.
What to Expect From the Bancor Breakout?
The fullness of the bullish candle formed on the 16th is prominent on the BANCOR Market. This reveals that the bulls are still very energetic. The resistance level at $2.080 has been violated today. The market is expected to reach the next major zone at $2.510. The recent breakout, which is prominent in the BANCOR market, is expected to keep pushing higher. The Moving Averages are currently submissive to the daily candles. This is likely to support bullishness into the next zone.
How To Buy Lucky Block
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
