Bancor (BNTUSD) Is Predisposed to Dropping to a Lower Support Level
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Bancor Analysis – The Market Is Predisposed to Dropping to $0.150
Bancor is predisposed to dropping to a lower support level at $0.150. The market is currently held at $0.500 after breaking down from a descending triangle structure above the $1.180 significant level. It is only a matter of time before the bearish pressure weighs on the support level, and the price plunges to the next support at $1.500.
Bancor Key Levels
Resistance Levels: $1.180, $1.500
Support Levels: $0.150, $0.500
The BNTUSD market is making repeated trends as it keeps plummeting downwards. The bears are fond of attacking key price levels and putting downward pressure on them until they bulge. This was what happens at $1.180. The market crashes to that level on the 12th of May. The price level keeps the sellers at bay but repeated crashes against the support eventually weaken it, leading to a fall to $0.500.
The same tactic is now on display against the $0.500. Except market forces influence the market in an upward direction, the sell-traders will likely have their way again and crash the price to the next support level at $0.150. The Parabolic SAR (Stop and Reverse) echoes this sentiment with fewer dots below the daily candles to show that less resistance occurs to the downslide in the market.
Market Expectations
On the 4-hour chart, Bancor is accumulating above the $0.500 support level. The alternating Parabolic SAR dots show this around the candlesticks. However, despite this consolidation, the EFI (Elders Force Index) has its power line predominantly below the zero level. This is also the same on the daily chart. This emphasizes bearish strength and signals the market’s most probable direction – downward to $0.150.
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