Bancor
Banking on Bancor: The Trend ReversalAdmittedly, when I previously published a Bancor chart on Sept 1, I got a little ahead of things. I have since been watching it since and it appears the previous capitulation spikes to 50,000 sats may have found the bottom. It has yet to break and appears the downtrend it has been in for the last couple months may have just broken. I am going to go out on a limb here and say we will probably ride out sideways for a bit in the 65,000 to 55,000 range before retesting 75,000 and hopefully push much higher. It is important to keep in mind the amount of money that was invested into this ICO project ($153M). The smart money has held onto their tokens and it wouldnt be surprising if they have been buying the whole way down with the intentions of pumping at the first sign of positive news. Let me know what you think in the comments below. Obv. not investment advice but it will be interesting to see how this plays out. Cheers and good luck trading!
BNT pushing for a trend reversalBancor, the protocol for Smart-tokens aiming to solve the liquidity problem. People are fooled by the market cap of coins in the cryptoverse, thinking that marketcap is representative of actual circulating supply. Truth is, mktcap is simply (PRICE) * (TOTAL SUPPLY) (which is the reason we got coins such as $XRP and $MOON on the top mktcap lists), but if you're really into the markets you'll realize they aren't even liquid enough to cash out a few millions or in most cases not even a million out of the market. Enter BANCOR, the protocol to solve the liquidity problem most of crypto markets have. Being able to provide liquidity through a smart contract is simply awesome. This enables users to trustlessly convert tokens without the risk experienced with centralized models.
After a huge funding (which has hurt their cycle a bit) and several updates from the team we're apparently bottoming out. As one of the big projects this year is finally consolidating ideas and showing progress on their relationships and even new ICOs on the platform coming to life there's finally a trend reversal (apparently). The chart shows a hidden bullish divergence with the RSI showing higher lows and the price showing lower lows, this indicates underlying strength. On the other hand we have Stochastic RSI showing a trend change at 20% oversold levels which might further indicate a change in trend. Next 2 months have interesting updates coming which would most likely create hype for people to buy in. Volume from 8/12/2017 to this moment gives a good perspective as it's showing sells slowing down.
Updates for the team/product: blog.bancor.network
Github (development progress): github.com
Coming conferences in which BANCOR will appear in:
TechCrunch Disrupt - SEPT 18-20, 2017
CapitalFest 2017 -Big main event of Amsterdam Capital Week - SEPT 27, 2017
BlockCon 2017 - BlockChain Convention SantaMonica - OCT 10-11, 2017
Ethereal - Culture-focused blockchain event that brings innovators in the field - OCT 27, 2017
Banking on BancorSince the $153M ICO in June, Bancor has been in a more or less free fall; down from around 0.00144000 to as low as 0.00050000. It appears to be leveling out with a few large capitulation spikes, meaning initial investors are starting to give up after holding forever (3 months lol). The lower triangle seems to be building up towards the 71000 - 72000 level and once this level is solidly broken I would expect the uptrend to begin. Based on the amount of previous interest, this will easily garner new buyers with any sort of news or speculation. I would see the key resistance levels to be about 81000 and 100000. If these levels are broken, this coin could skyrocket. Let me know what you think if you agree or let me know if you disagree. Do your own research and good luck trading!
