BANDUSD Will Continue to Fall Despite Retracement
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BANDUSD Analysis – Price Will Continue to Fall $6.500 Level
BANDUSD will continue to fall despite the retracement will occur. BANDUSD will assume it bearish movement because the sellers now hold more positions in the market than the buyers. The sellers gained strength after a retest at the $10.400 significant key level. Therefore, another pullback occurred which broke through the$10.400 significant key level before the sellers eventually gained more positions. The price, however, breaks through $8.000 significant key level.
BANDUSD Significant Levels:
Resistance Levels: $10.400, $8.000
Support Levels: $6.500, $4.300
BAND Protocol continues to consolidate between the $6.500 and $8.000 significant key levels, and the market is expected to resume its bearish movement. BANDUSD, however, first began a bearish movement in early June, breaking through the $10.000 significant key level. It then finally found its lowest low around mid-July at the $4.300 significant level. This, therefore, shows the overall direction of the market.
After the breakout around early June, the price has been consolidating between two key levels of $10.400 and $4.300. As the market continues to fall in the accumulation phase, the buyers also are holding their positions. The mid of the Bollinger Band is acting as a resistance. The price is expected to fall after a rebound at this level. The RSI (Relative Strength Index) shows a price signal close to the 40.00 level, this indicates that the market is still in bearish movement.
Market Expectations
On the 4-hour chart, the sellers are in a position to gain more strength than the buyers. The price is seen going lower in consolidation. However, as the candlestick has touched the lower band, the price is expected to rebound. Therefore, a retracement is bound to happen. The market will then pull back before it continues its fall. The RSI also shows a price signal near the oversold region, indicating a retracement. BAND Protocol will continue to fall as price retraces to an important level of $8.000.
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