Bancor (BNTUSD) Bears Cause a Breakdown in Price Revival
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Bancor Analysis – Bears Cause a Price Breakdown at $3.700
Bancor bears cause a breakdown in price revival at the $3.700 key level. The rejection of price at this level is yet another chapter in the dealings of the bears in the market. After the coin drops below its uptrend line, it falls hard, with its wick piercing beyond $3.200. The price keeps attempting revival, but the $3.700 key level is used as a market limiting level by the bears. Hence, the latest attempt to revive it ends in a breakdown.
Bancor Significant Levels
Resistance Levels: $3.700, $4.800
Support Levels: $3.200, $2.860
The outlook for Bancor has been more or less a struggle for market dominance between the bulls and bears. The only progress the buyers made that wasn’t reversed was pushing the coin from $2.500 to above $3.200. Thereafter, the rise of the coin to $4.800 has been reverted to $3.200. Another revival occurred on the 2nd of October, which lifted the price back to $4.800, but then bears intervened again to crash the price back to $3.200.
Having dropped back to $3.200, the bulls are now engineering another revival but face stiff opposition from the bears. The $3.700 price level is being used to confine the market. As of the time of writing, the Parabolic SAR (Stop and Reverse) is still showing market bullishness despite the setback. The Stochastic Oscillator is about to confirm another uprising in the market at which Bancor will try to breach $3.700 again.
Market Anticipation
On the 4-hour chart, the price has bounced off the $3.200 support and is trying to navigate $3.800 on its way to testing the limit imposed on the market at $3.700. The Parabolic SAR has placed two dots below the 4-hour candlestick to signal an upturn in the market. The Stochastic Oscillator has also crossed upward from an oversold position. This confirms the current bullish orientation of the market.
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