Price Analysis

BitTorrent Price Analysis- Bulls Dominate BTT Price, Hits ATH


BitTorrent Token has had another major ascent in 10 days, from $0.000542 to its ATH $0.004159. In a market that is consolidating or bearish, the BTT prices are registering new highs. The token is also holding the higher levels, unlike other currencies, which come under selling pressure.


Technical Analysis

The BitTorrent (BTT) price did not move much till February, and since it had consolidated. But after it broke out, it has continuously maintained its bull levels. The BTT price rocketed from $0.00322 to $0.004159 in 24 hours, a 20% increase. It also hit its ATH subsequently in the next 24 hours. Since then, it has been on a roller coaster ride between support levels of $0.0028 and resistance levels just over $0.0037. 

The ATH is acting up as a resistance level, and the value has faced rejections multiple times. However, the monthly chart shows that the consolidation levels are bullish and are ready to break the descending tunnel pattern. 

Technical Analysis

The resistance support levels could not hold the prices registering a breakout. Although the bears tried impacting the prices, breakout on the upper sides of resistance proved them wrong. 

At the time of penning this article down, BTT was trading at $0.003913, just below the resistance levels with a 20% jump from the last 24 hours. The likely targets are going to be $0.0026 and $0.0035. With this rise, BTT boasts a  market capitalization of $1,248,639,007 and trades of the last 24 hours exceeding $1,015,840,995 in value. 

The RSI levels crossed 80 indicating an overbought zone, but at present, they are at a healthy 70 levels. MACD also indicates bullish momentum with the rise. This is a clear indication that if the currency sustains over $0.0037 levels for the next week, an upside momentum will follow.

The Fibonacci charts indicate the consolidation levels at 0.618 and hence it will serve as a buy level for investors. It is also to be seen how the investors react to this rise, as many of the long time investors may start booking profits.

Resistance: $0.00400

Support: $0.0038,0.00342

RSI(14): 70

MACD: Bullish

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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