Cryptocurency

Bancor Trade Recommendation

October 6, 2018
The Main Bloq

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Bancor Trade Recommendation

The Bancor/Bitcoin (BNT/BTC) pair dropped to as low as 0.00017359 on September 12, 2018. At that price, the market lost over 84% of its value from this year’s high of 0.00110062.

It looked as if the pair had more room to plummet. This is because bears managed to breach historic support of 0.000185. However, bulls held their ground and lifted BNT/BTC above the support. This created a bear trap and gave the market the strength to carve a bottom. More importantly, it provided bulls the fuel to kickstart a bull run.

Technical analysis shows that BNT/BTC is positioning to take out resistance of 0.000227. Breach of this resistance would trigger the breakout from the symmetrical triangle pattern on the 4-hour chart.

On top of that, we can…

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