Banking on Bancor: The Trend Reversal
Admittedly, 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!
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