SUMMARY
Bancor (BNT) has completed and confirmed the Cup & Handle pattern.While this pattern can take a good while to complete, it is able to sustain a sizable uptrend. Bancor price has clearly breached the upper line of the handle formation and this is laregly indicates the start of a trend reversal from down to up. Elliott Waves states that upon finish of the full motive, the original trend resumes and in the case of Bancor, that’s up.
The detailed view shows an abc three wave for the handle composition. Deep as the retrace might have been, the price breakout signals a new trend could be formed. I’ve included the impulse waves that‘s expected to provide the first full set of impuse five waves. Of course much will depend on how Bitcoin moves the next few days to weeks.
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Elliott Wave Counting Tutorial #1
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Tutorial on the use of Fibonacci & Elliott Waves
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