Bancor continues to reject the long-term uptrend trendline, with the most recent bounce occurred in April, when it found the bottom at $2. Since then price went up by nearly 200% and found the top at $6 area.

The correction down followed and BNT/USD found the support at 78.6% Fibs, that is $3.5 level, which previously acted as the support as well as resistance. While the support is holding, Bancor is likely to continue trending upwards with the final target at 327.2% Fibs, applied to the recent corrective wave down. This is $12 area, that corresponds to the upper trendline of the ascending channel.

At this stage consolidation between $4.5 and $3.5 is possible and could take few weeks before Bancor will start moving higher. But only daily break and close below $3.4 could invalidate bullish outlook.