Bancor (BNTUSD) Is Attempting to Reach Higher Prices Again
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BNTUSD Analysis – The Market Is Attempting to Re-Establish Itself at $4.400
BNTUSD is attempting to return to the higher price levels from which it fell. The coin suffered a setback on the 17th of November that caused a dip from above the $4.400 price level to the $4.050 key level. So far, the coin has done tremendously well to stabilize itself above that level to prevent further drops. Furthermore, Bancor is attempting a comeback to its high price levels by setting the market in an array.
BNTUSD Key Zones
Resistance Levels: $4.400, $4.800
Support Levels: $3.900, $3.200
Since the end of the second quarter of the year, Bancor has been very persistent in seeking high price levels. The coin first began attempting an ambitious market value on the 20th of July. Price had a rather straightforward up movement, with major resistance coming at $3.900 and $4.400. But the coin overcame both to reach $4.800. Then, at this point, the market dropped abruptly to $3.900 and then further down to $3.200.
Bancor picked itself up immediately and began engineering another attempt to climb up. Price broke out using a symmetric triangle and pushed upward till it got above $4.400. At this point again, bearish forces came into play and precipitously sank the market to $3.900 again. However, Bancor has prevented more falls and is now attempting to return to a higher price level. The Stochastic Oscillator lines have crossed up from the oversold region.
Market Anticipation
On the 4-hour chart, the market is now upwardly abounding. Price appears to have broken out of a symmetric triangle pattern and is pushing upward to a higher price level of $4.400 after climbing and leaping from the middle line of the envelope indicator. The Stochastic Oscillator has gradually risen to the overbought border and the lines could yet rise for a while as BNTUSD attempts to reach $4.400.
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