- BitTorrent Coin is currently hijacked by the resistance of $0.0046 on the daily time frame
- At present, the BTT token is trading at $0.0039 established on the back of a 1.20% decrease in the past 24 hours
- The BTT/BTC pair is trailing at 0.0000001113 BTC with a loss of 0.94% at press time
May’s flash crash completely ruptured BTT’s momentum as evidenced by the 48% fall. The token also captured 5th place in the Top 100 cryptocurrency losers of May.
BTT has been trading in a descending channel from the moment the token bagged the $0.01 milestone back in April. Although the current price is at a low of 70% from its ATH, the token has maintained steady momentum above the lengthy support trend line.
While the ongoing trend of BTT is submerged in between the two critical EMAs, it is only reasonable to presume that the bulls need to tackle two vital resistances before the price action embarks on an uptrend. Those two particular levels are placed at $0.0046 and $0.0053 respectively.
However, if the price fails to sustain above the macro support trend line, the two nearest support cushions are placed at $0.0028 and $0.0021 respectively.
Today’s volume of (4.99 M) is underneath the volume of (33.93 M) the 20 period moving average. Lack of buying pressure will validate the token to trade inside the bearish pit which lies below the resistance of $0.0046.
The daily Stochastic RSI had recently entertained a bearish crossover as displayed by the %K line traversing below the %D line. Despite the bearish indication given by the Stochastic RSI, a bounce back from the 200 EMA can paint a bullish scenario for BTT in the upcoming sessions.
BTT Token is crippled by the 20 EMA on the 4-hour chart
The 4-hour chart of BTT highlights the fact that the price action is confined inside the ascending triangle pattern. The 20 EMA is repeatedly invalidating the efforts of the bulls to push the price back up. A break above the 20 EMA can cast an upswing of 15% in the near term.
On the contrary, the failure of the trend to hold the 50 EMA as support will lead to a downward breakout from the pattern. Furthermore, it will enable BTT to revisit the 0.05 FIB retracement which lies at $0.0037.
The RSI (neutral) is projecting a no-trend scenario after grinding inside the overbought territory whereas the MACD (bearish) stands by the bearish signal which was dictated yesterday.
Now, back to the original question. Will BTT ever hit the $0.10 milestone?
BitTorrent, like the majority of altcoins, has witnessed its trend collapse after hitting an all-time high. The bearish bias has further cast BTT to revisit its March lows.
In layman’s terms, Bittorrent is a pure P2P file-sharing protocol. For years, the company struggled to maintain a healthy reputation. However, the tables were turned once the Tron Foundation acquired the Bittorrent network. Justin Sun- the CEO of Tron even made it a point to launch BTT as Bittorrent’s native token on the Tron Blockchain. Since then, Bittorrent has emerged to become one of the most popular cryptocurrencies in the market as evidenced by the 1148% gains in the past year. Keeping that in mind, BTT does have the potential to blow up in the near future and even bag the $0.10 target.
SUPPORT : $0.0028, $0.0021
RESISTANCE : $0.0046, $0.0053