Bearishness Persists on Bancor (BNTUSD)
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Bancor Analysis – Bearishness Persists on Bancor as the Price Drops Below $3.200
Bearishness persists on the Bancor coin as heavy pressure causes the $3.200 support to bulge. The price has been crashing against the support since it dropped from a higher level late last year. The $3.200 support was strong enough to keep further drops at bay, but it eventually gave way as bears continued to drill into it. The market can be seen to conduct itself in a descending channel to break the support.
Bancor Key Levels
Resistance Levels: $3.900, $4.900
Support Levels: $2.500, $3.200
The market has been going back and forth since mid-last year. The $4.900 price level is the limit to which the price rose, while $2.500 is the support to which it dropped. Bulls, however, have decided to alter the cycle, and this is by pushing the market upward. Their initial attempt from September to October was successful at $3.200 and they managed to drive the market back upward.
The price drops again after fluctuating for a while above $3.900. Once more, market purchasers are attempting to turn the price back at the $3.200 level, but this time around, bearishness persists on the price. e. Bancor is now set to touch down back to the old support level at $2.500 as it trades below the mid-line of the envelope indicator.
Market Prospects
Just like in the long-term chart, the price has traded below the middle line of the envelope indicator. The stochastic oscillator, on the other hand, suggests that price may retrace briefly before continuing its downtrend, as the line has crossed upward from an oversold condition. The $2.500 level is the destination level.
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