Bancor VS Bitcoin MA Rejection

Since April, Bancor started to rise, breaking above the 200 Moving Average. Price went from 30k up to 58k satoshis (to considering the price spike). For two consecutive times BNT/BTC rejected the the moving average, but yet failed to produce a new high.

Currently Bancor is trading very close to the 200 MA, which could, once again act as the support. If it will be rejected, and price stays above, the wave up might follow. Nearest resistance is 38.2% Fibonacci retracement at 60k satoshis. Second resistance is at 61.8% Fibs that is 80k satoshis area.

Break and close below the Moving Average should result in a decline towards 48k support level, but break below it is likely to establish a downtrend, sending price back to 30k satoshis area.



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