Bancor (BNTUSD) Pushes Through Bearish Influence to Reach $5.000
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BNTUSD Analysis – Price Pushes Through to the Critical Level of $5.000
BNTUSD pushes through bearish influence to reach a critical level of $5.000. Buyers kept liquidity flowing steadily upward utilizing an ascending channel. Price was zigzagging through the channel as it approached several key levels. This continued for more than a month, and now the price has pushed through to the $500 critical supply level. The chart shows there is strong rejection at this level. But there is still more scope for the coin to push through.
BNTUSD Important Levels
Supply Levels: $5.500, $5.000, $4.800
Demand Levels: $4.400, $3.900, $3.200
The market succumbed to pressure the last time it came close to $5.000, following a month of price increases. The coin immediately slumped to $3.900, where it pulled back to retest the $4.400 price level. After that, the price slumped further to a low of $3.200. A triangle arrangement was used by the bulls to overturn the market, and the coin pushed through it on the 1st of October to begin a fresh foray upward.
BNTUSD gradually rose through an ascending channel, with higher highs and lower lows as price cranked through the channel. Upon reaching above $4.400, the coin impulsively surged up breaking through $4.800 to hit $5.000 where price was rejected in an instant back to $4.400. This it did twice but failed each time and price is not trying to take a more conservative approach to push through the $5.000 level. Bullish momentum is up, confirmed by the underneath dots of the Parabolic SAR (Stop and Reverse).
Market Prospects
The market has taken the next level in ensuring it pushes through upward. This is done by holding above the confluence of the EMA of the Envelope indicator and the middle line of the ascending channel. The market now tapers through to the confluence of this middle line and the $5.000 level. At which point, BNT would finally be able to conveniently break through to the $5.500 level.
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