Bancor (BNTUSD) Is Set to Reach a Major Demand Zone
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Bancor Market Analysis – The Market Is Set to Reach a Demand Zone at $1.940
Bancor is set to reach a major demand zone at 2.090. The overall market has been bearish since the reversal on the 12th of November last year. Immediately after the change in the bullish trend, a double top formed, which led to the lower price. The Relative Strength Index revealed that the market was bearish.
Bancor Significant Levels
Demand levels: $1.940, $2.090
Supply levels: $2.890 $2.620
Since November last year, the Relative Strength Index has been majorly below its mid-point. This shows from the daily chart that the market is overall bearish. On the 27th of December, the market hit the upper border of the downward channel. An evening star was formed, which transcended to three falling soldiers. The evening star revealed that Bancor was set to reach for lower prices.
The gap that was formed on the 28th of December was closed with lower highs. Three higher lows followed one another before an impulsive move. The market experienced six days of unhindered bearish movement. The market gyrated back up to the $2.890 supply zone. With the double top formed, it was obvious the Bancor was set to reach for the next demand zone.
Bancor Market Expectations
The demand zone was reached on the 24th of February. There was a sharp rejection, which sent the price back to the $2.620 supply zone. The bears drove the market lower to $2.090. A gap was left before reaching the demand zone. The market has retraced to fill up the gap. The market is still bearish, as revealed by the Relative Strength Index. Bancor is set to reach for the next demand zone at $2.090 since the gap has been filled.
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