Bancor Analysis – Still in a downtrend

Last two analysis had coins, where our previous pieces were not exactly spot on. We will finish this day with the crypto, where our previous report was great and the coin behaved in a way, which we expected. Time for Bancor, which previously was analysed by us on the 9^th of July and back in that day, our outlook was negative:

“Currently, the price is trying to break the main down trendline and the upper line of the channel down formation. As for now, unsuccessfully, which opens us the way towards new lows. Our outlook on this coin is negative. „

After those words were written, the price fell down as a rock. On the 12^th of July, we reached lows on the 1.86 USD. Since that, the price is locked inside of a pennant, which is a trend continuation pattern and promotes a further drop (red). As long as we stay below the orange down trendline, the sentiment is still negative and we should see new lows here. Proper sell signal will be triggered, when the price will break the lower line of the formation mentioned above.