Bitcoin
BTC$48 084.51

-1.09%

Ethereum
ETH$3 421.97

-2.71%

Cardano
ADA$2.38

-0.94%

Binance Coin
BNB$411.53

-1.39%

Tether
USDT$0.998306

-0.16%

XRP
XRP$1.080662

-0.51%

BitTorrent (BTT): Slammed Down Into the Range


#BitTorrent

BitTorrent (BTT) had spent the entire summer being engaged in a moderately energetic rally that helped take the price up by 75.7% in 70 days, until it encountered a vigorous resistance from sellers at $0.00053, the price level that aligns with 0.236 on Fibonacci retracement grid.

1-week BTT/USDT chart

The said level of resistance has proven to be impenetrable as the price rolled back by 48% in a little over a month, thus proving that BitTorrent is currently incapable of performing any major moves to the upside.

At the moment, BTT is priced at $0.00034, having gained 1.77% in the past 24 hours and 12% during the last month, but still hasn’t shrugged off the bearish burden. Since the beginning of the year, BitTorrent has been doing nothing but making mean reversions on the macro level that always ended up with the price being magnetized to $0.0003, where it had spent some time consolidating before making a minor rally.

What’s next for BTT after consolidation?


‘Even more consolidation’ would probably be the most straightforward answer to that question because BitTorrent currently has no prerequisites for sustainable uptrend that would take the price at least a couple of Fibonacci levels to the upside. The latest influx of trading volume could help push the price outside the tight range between the middle line of Bollinger Bands and $0.0003, which is a clear sign that the market participants are indecisive regarding where they want the price to head next.

And while it is clear that if BitTorrent breaks the support at $0.0003 to the downside, while MACD would simultaneously go into the bearish control zone, the probability of another significant price drop: either -27% to $0.00024, and also to the lower band of BB, or -44% to $0.000195, the price level that was seen in March, would be close to 1, speaking in mathematical terms. It is still possible, of course, for the price to bounce off the support line, but it is unlikely to go farther than the upper BB line. So, if you are okay with going into a trade with a 1:1 win/loss ratio, then BTT/USDT would be a suitable market for it.   

On the daily time frame, though, we do see a bullish signal in the form of the ascending triangle pattern that has been building itself up since the second week of September.

1-day BTT/USDT chart

However, in order for the triangle to play out to the upside, we need to see the confirmation from MACD, more precisely, the indicator’s MACD line being rejected by the signal one to the upside and into the bullish control zone that almost always entails a rally of a certain scale. In this instance, we anticipate BTT to jump either to $0.0004 or $0.00044, depending on the strength of bullish momentum and the incoming buying volume. But given BitTorrent’s bearishness on the macro scale, the triangle would get resolved to the downside if MACD gets rejected at the zero line. In that case, we expect the price to decrease to $0.000279.

Author: Alex Paulson for Crypto-Rating.com

Related

BitTorrent (BTT) Is Reluctant to Break the Long-Standing Resistance
BitTorrent (BTT) Is Reluctant to Break the Long-Standing Resistance
BitTorrent (BTT) Approaches the Previous High
BitTorrent (BTT) Approaches the Previous High
BitTorrent Is Looking for Exit from Tight Range
BitTorrent Is Looking for Exit from Tight Range
BitTorrent (BTT) Is Still Holding Against TRX
BitTorrent (BTT) Is Still Holding Against TRX

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 89.6% 18 $48 084.51 -1.09% 4.69% $904 956 857 058 $27 961 083 561
2 Ethereum (ETH) ETH Ethereum predictions 74% 50 $3 421.97 -2.71% 0.11% $402 372 528 292 $14 651 693 364
3 Cardano (ADA) ADA Cardano predictions 65.2% 67 $2.38 -0.94% -8.90% $76 104 680 024 $1 873 232 040
4 Binance Coin (BNB) BNB Binance Coin predictions 65.6% 70 $411.53 -1.39% -0.75% $69 192 704 719 $1 130 545 170
5 Tether (USDT) USDT Tether predictions 95.6% 1 $0.998306 -0.16% -0.24% $68 176 839 441 $56 276 623 103
6 XRP (XRP) XRP XRP predictions 67.2% 61 $1.080662 -0.51% -1.43% $50 382 872 054 $2 049 227 741
7 Solana (SOL) SOL Solana predictions 56.4% 90 $161.83 2.23% -9.89% $48 057 404 496 $4 399 561 667
8 Polkadot (DOT) DOT Polkadot predictions 60.8% 81 $34.04 -2.22% 7.04% $33 616 818 668 $1 565 978 665
9 Dogecoin (DOGE) DOGE Dogecoin predictions 66.8% 75 $0.240174 -1.47% -2.38% $31 547 290 825 $853 022 336
10 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.998160 -0.15% -0.25% $29 355 863 429 $1 913 601 923
11 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 69 $72.99 1.73% 17.93% $16 079 530 755 $1 649 638 415
12 UniSwap (UNI) UNI UniSwap predictions 66.8% 64 $24.39 -1.92% 2.22% $14 920 531 930 $258 250 447
13 Terra (LUNA) LUNA Terra predictions 67.6% 64 $36.13 1.13% -13.85% $14 511 856 283 $813 065 559
14 Chainlink (LINK) LINK Chainlink predictions 74% 50 $28.55 -2.09% 2.09% $12 946 785 264 $933 348 492
15 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $0.998089 -0.17% -0.25% $12 789 067 210 $4 458 804 943

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.