Bancor (BNTUSD) Eases Itself of Bearish Pressure With an Upsurge
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Bancor Analysis – Price Eases Itself by Breaking Upward of a Triangle Pattern
Bancor eases itself of immense bearish pressure by pushing upward out of a descending triangle pattern. Against the run of the market, the coin which had been tapering down in a descending triangle pattern leaped up and eases itself of bearish pull. The $3.200 support level helped put a seal below the market level to prevent it from dropping further. The result is an approximately 25% increase in price.
Bancor Key Levels
Resistance Levels: $4.100, $4.400, $4.800
Support Levels: $3.850, $3.700, $3.200
The market has been falling precipitously in recent times under the influence of bears. This is characterized by consecutive lower lows and lower highs being formed. There was price consolidation between the key levels of $4.400 and $3.850 for 13 days from the 7th to the 19th of September. This led to a further plummet in the market to $3.200. Price forged a descending triangle pattern here.
The triangle formation became a reversal pattern for the market. The coin surged up directly to $3.700, where it climbed further above $3.850 into the previous consolidation zone. The Parabolic (Stop and Reverse) confirms the bullish nature of the market by posting multiple points below the daily candles. The Stochastic Oscillator has also risen into the overbought region and a pullback is imminent.
Market Prospects
The 4-hour price chart shows the market reacting vigorously around the $3.850 key level before it finally eases itself above it. This shows the influence of this key level on Bancor. Having broken above it, the coin is set to retest this level before further bullish movement. There is already a downward cross of the Stochastic Oscillator lines. As long as the buyers maintain the market at about this $3.850 level, the retest should see Bancor shoot even higher, with $4.400 firmly in sight.
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