BNT: Losing Steam or Pushing Through Long Term Resistance?
Updated
Charts like BNT's current chart are tough for me to gauge because I do not use fundamental indicators like RSI. However, I see the trend continuing and will look to buy in once BNT has broken through long term resistance (as shown with the red line and green circle on the right side of the chart. This will be a great one to monitor going forward. Tell me your thoughts!
Looks like buy levels are in flux and former Fib level support are acting as resistance. The 7 day moving averaged topped off and went below both of the long term and short term Fib levels. In the past, this has been an indication of very strong downwards resistance. I think this guy needs time to deflate before moving higher. Therefore, I will follow the low lying trend line I drew on my last Bancor chart. The buy in opportunity will most likely be where long term support break long term resistance, rather than this brief pump.
Last Bancor chart:
Hold fast since this guy will come up again, few weeks max. If you bought at the top it might be wise to sell here and then buy again when the trend breaks long term downwards resistance. I will be looking for better short term trades at this particular time and am pulling bitcon off of bid orders.
Looks like buy levels are in flux and former Fib level support are acting as resistance. The 7 day moving averaged topped off and went below both of the long term and short term Fib levels. In the past, this has been an indication of very strong downwards resistance. I think this guy needs time to deflate before moving higher. Therefore, I will follow the low lying trend line I drew on my last Bancor chart. The buy in opportunity will most likely be where long term support break long term resistance, rather than this brief pump.
Last Bancor chart:
Hold fast since this guy will come up again, few weeks max. If you bought at the top it might be wise to sell here and then buy again when the trend breaks long term downwards resistance. I will be looking for better short term trades at this particular time and am pulling bitcon off of bid orders.
Note
Zoom in to the last couple weeks (January 6-January 18) on the chart to know what I am saying here:Bancor tapped off 0.00053 on the massive sell off that saw this coin drop along with many others. Bancor has two wicks that bounced at about 0.00051 indicating that this is an oversold deviation from fair value, confirmed twice, one on each side of the recent spike in price.
The current price action is within the same downward trajectory bandwidth of the gann resistance levels I put from top down. Bancor might begin its run upwards, or side ways once it reaches the 0.00056-0.00058 levels, as this is where support gann will begin to influence the price pattern. Even through Bancor's price already went below this support line on the chart above, there was tremendous buying at this level, which confirms the support line and fib level at around 0.00056-0.00054 (fib level of 0.00056-0.00053) as being a valid area to base a support claim. By January 19 WE WILL KNOW if this is STRONG buy or if it is going no where fast. I will be looking to buy or close this trade opportunity FOR NOW, couple of weeks at most, until further notice. Look for my January 19 update.
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