BitTorrent Update (1st Reversal Signal Is In + Price Action)
Updated
In my last analysis I mentioned that if BTTBTC breaks below 25 satoshis, it would send its price lower, and so it did.
BTTBTC continued to retrace reaching down all the way to 21 satoshis or EMA50.
As soon as 21 satoshis was hit, we got our first reversal signal, that is the Doji marked blue on the chart.
This reversal signal is supported by above-average volume (you can see the volume breakout marked with a red line on the lower part of the chart).
The RSI and MACD are starting to curve, but still pretty early for this signal to have any value.
BitTorrent Price Action (Where To Next?)
I cannot tell you if BTTBTC will go up or down. I can tell you what will happen next based on how it moved in the past or moves in the future... Let's get started!
If you have any questions feel free to use the comments section below... I will be more than happy to answer.
And make sure to hit LIKE to show your support and for more great analyses.
Namaste.
BTTBTC continued to retrace reaching down all the way to 21 satoshis or EMA50.
As soon as 21 satoshis was hit, we got our first reversal signal, that is the Doji marked blue on the chart.
This reversal signal is supported by above-average volume (you can see the volume breakout marked with a red line on the lower part of the chart).
The RSI and MACD are starting to curve, but still pretty early for this signal to have any value.
BitTorrent Price Action (Where To Next?)
I cannot tell you if BTTBTC will go up or down. I can tell you what will happen next based on how it moved in the past or moves in the future... Let's get started!
- Looking at the chart above, the first resistance that BTTBTC needs to break in order to move up is 25 satoshis, which was our previous support.
- if BTTBTC can print a strong close (green bullish candle) above this level we can expect additional bullish action.
- Sideways action can also happen for a few days.
- If BTTBTC moves down and closes below 21 satoshis, then expect additional bearish action and the 18 satoshis target becomes relevant.
- So far it seems that 22 satoshis will be holding BTTBTC as immediate support. Up or down will be decided on the coming hours or days...
If you have any questions feel free to use the comments section below... I will be more than happy to answer.
And make sure to hit LIKE to show your support and for more great analyses.
Namaste.
Note
1H Chart (already attempting to break resistance): Note
Update: There is an airdrop on the 11th February, this makes the 18 satoshis target very likely.Cryptocurrency, and most assets tend to fall when news come out, regardless if the news is positive or negative.
There is a high chance that BTTBTC will make a drop following the release of the news piece... Be aware.
Namaste.
Note
Full Tron (TRXBTC, TRXH19) and BitTorrent (BTTBTC) update: ![[IMPORTANT] TRON (TRXBTC) & BitTorrent (BTT) Turns Bearish](https://s3.tradingview.com/a/aa8bpN73_mid.png)
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