Bancor (BNTUSD) Holds Above $3.900 to Continue Its Bullish Agenda
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Bancor Holds Above a Significant Level to Keep the Bullish Campaign Going
Bancor holds above the $3.900 significant level to keep its bullish agenda on. Upon breaking out of a descending triangle pattern, the price pumped directly above $3.700 and further up to $3.900. The market holds above this level unsuccessfully and returned to $3.700. The coin received adequate support to spring higher to $4.050. Following that, the price has fluctuated at this level but still holds above $3.900.
Bancor Significant Zones
Resistance Levels: $4.400, $4.800
Support Levels: $3.900, $3.200
The market has been working hard at effecting a price reversal upward. Price has been falling under pressure from sellers since ascending to the $4.800 significant level. In dropping, the market violates multiple key levels till it finally drops to $3.200. At this level, buyers were strong enough to halt the fall. The coin, therefore, holds above this level. Furthermore, buyers forced the market into conforming to a triangle pattern, which eventually led to a market reversal.
The coin broke out on the 1st of October and since then it has been upward abounding and violating key levels. Despite varying levels of lows, Bancor has done well to maintain consistent higher highs with which it now holds above $3.900. The coin has recovered above the MA period 20 (Moving Average) as it tries to hold above the market level of $3.900. The RSI (Relative Strength Index) indicator also holds above the 50 mark after testing it severally. Buyers remain in charge of the market.
Market Expectations
On the 4-hour chart, the market can be described as ranging between $4.400 and $3.900. This means that the price holds above $3.900 after several tests. Currently, the MA period 20 has helped the latest 4-hour candle to bounce upward again towards $4.400. The RSI also shows the buyers in the driving seat as its signal line takes a steep upturn upward till it climbs above the 50 mark.
Bancor will be eyeing a violation of the upper border of the consolidation at $4.400 and reaching out for $4.800.
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