Hello there my friends!! How are you doing? 😃
This is your friend Lj again for your daily dose of market insights. 😃
For this segment, we will discuss the price movement of BNT or Bancor against Bitcoin.
It seems my last analysis for this token has come into fruition.
Although it didn't went through the bigger resistance of 30,000 satoshi it still had a decent 20% run from the breakout.
It is now pulling back to the recent resistance now turned support and it seems the buyers are really picking up the price from this area.
This is a very good opportunity to enter a long position.
Good retest of support and also a bounce in 20 daily moving average which is a very good indication.
A good solid green candle in the daily close can be a more confirmation for the cautios investors/trader out there.
The potental profit for this can be 20% if it revisits the current high of 23,000 satoshi.
If we are looking to be very bullish, we can wait for upto 60% profit potential when it goes back to the strong resistance of 30,000 satoshi.
As always, we should have a good plan when participating in the market.
And always have a proper risk management to preserve our capital and not blow up instantly by doing reckless things.
What do you guys think? Comment your thoughts below.
If you want some chart requests or want me to analyze some crypto or asset, just comment below and I will post it next.
Thanks!😃
Till next time guys and gals,
Cheers!! 😃
Disclaimer: This is not a financial advice and for educational purpose only.