Bancor (BNT) Technical Analysis Shows a Breakout is the Next Likely Step

in #bancor3 years ago

SUMMARY

The Cup & Handle pattern is the most common pattern specy for Altcoins. It is also one of the longest to form and complete. The below chart shows Bancor (BNT) having completed the rounded price formation and now is also nearly complete on the handle pattern which is a downward wedge.

The subwaves are filled in and the ABC shows that the five waves of C are nearly complete. Only wave 5 remains and it seems to be almost done. Price is quite proximal to the apex as well. While a breakout could always morph into more sideways price activity; a breakout is in the works.

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What do you think about this analysis?
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Great call @haejin. A pop upwards is very likely considering the huge pull-back. Going by technicals, the support zone is between USDT1.5-2. I'll wait patiently inside this zone. Bancor upcoming event.

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