Bancor (BNTUSD) Is Taking More Strides Towards a Higher Price Level
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Bancor Analysis – Price Is Taking More Strides to Reach $4.800
Bancor is taking more strides towards reaching higher price levels. The market had initially dropped below $3.700, after which it forged into a triangle pattern. The pattern was used as a reversal formation to pump the market. The pump was able to drive the coin above the $3.850 key level. A retest back to $3.700 further helps Bancor to take strides towards the next resistance level. Having violated that also, the market is now taking more strides towards higher price levels.
Significant Bancor Zones
Resistance Levels: $4.100, $4.400, $4.800
Support Levels: $3.850, $3.700, $3.200
The outlook for Bancor has been generally bullish since the price dropped to rock bottom at $2.500. The market can be seen actively gliding and violating several significant levels. A major feature of the coin in making upward strides is the retest and break-out move. The coin can be seen pulling back from key levels to previously violated levels to retest it, after which price springs past the resistant level.
Bancor kept making upward strides till it got to a strong supply line at $4.800, which plunged the market greatly. The coin dropped back to $3.850 and employed the same pattern of retest and break to go further lower, showing buyers’ effort in the market. The market, however, reverses at $3.200 and is now gliding upward again. The strength of buyers is shown as they trade to the upside of the EMA period 20 (Exponential Moving Average), which has now become a support for the candlesticks.
Market Predictions
The market remains strongly bullish in the short term. The MACD (Moving Average Convergence Divergence) confirms this as its lines have risen high above the zero level, accompanied by tall green histogram bars. Price has retreated to the 50% Fibonacci level before resuming its upward trend, indicating that the market is still employing its retest and break strategy. The EMA period 20 remains as support for the 4-hour candlesticks.
Bancor is expected to break through at $4.400 and then return to retest the level for a higher price.
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