Hello everyone!! Its your friendly neighborhood Lj again for your daily dose of Price Analysis of interesting assets out there. 😀
For this segment, I would like to discuss the current price structure of BNT or Bancor Token against BTC.
This is a very good token to keep an eye on because of its strong momentum that started from May.
It seems that it is also affected with the Defi Hype thats going on.
I also think that Bancor also has a solid platform that is already used by many.
As we can see, the trend is really very strong and even though it had its correction because of the Bitcoin breakout,
the trend is still intact and it quickly bounced from the support in the 13,000 satoshi area.
It is also a very good confluence to the 50 EMA (purple line) support as we can see in the green arrow.
It is also a good confluence in the 38.2 fibonacci retracement.
For me personally, I am watching if this can break the current high of 18,843 satoshi and close its daily candle above.
That would be really good indication that there is a good possibilty for a continuation upto the 23,000 satoshi area resistance.
We can have a potential profit of 20% if this goes according to plan.
If the momentum and the buyers are really aggresive, we can also see a potential profit of upto 60% if it visits the next resistance 30,000 price area.
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.
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.