BTT, you are out of your mind! Possible retracement zones.

Updated

To begin with, let us understand what happened. Why did BTT rise so insanely?

- Promotion on Binance, March 20-26
- Promotion on Huobi, March 19-April 3
- Staking on Poloniex, March 25
- BitTorent File System protocol update, April 4

Ok. Everything is clear with the growth.

What now? Where will BTT fall?
I'm looking at a zone around 0.01 or 0.007. I'll probably buy around 0.01 with SL, and then the situation will show. If bitcoin goes up, which is very likely, BTT is unlikely to drop to 0.007.

Why these numbers?

- A bearish triangle is taking shape right now. It indicates a zone below 0.01.
- Fibonacci points to the 0.01 area. If you count from 0.0076 or 0.004.
- If to count from 0.004, since March 20, then in the case of a strong fall the price may go to the area of 0.618 - 0.786, and the resistance is around 0.007. POC is at 0.0071.

What is the correct way to count, from 0.004 or from 0.007?
Both is correct. From 0.007 if you count the retracement for the last swing and here 0.5 Fibonacci has already given support twice.

I wish you profitable trades!

Disclamer: I'm sharing my thoughts and not giving financial advice. All decisions are your own and you are responsible for them.
Have a plan for the situation if something doesn't go your way.
------------------------------------------------------------------
>>> press "like" for ideas updates
>>> follow me for more ideas

Note

am curious :)

Note

Wonderful!

Right now BTT is moving between Fibonacci 0.382 and 0.5.
Two levels are interesting - going beyond the last swing low (0.009625) or the last swing high, 0.014, which coincides with the announcement on Binance. In the first case BTT will look for a new bottom.

Announcement: "Binance Futures will launch USDT-margined BTT perpetual contracts with up to 25x leverage at 2021-04-06 07:00 AM (UTC)."
It started four minutes ago.

Note

Quite a risky assumption, but it seems to me that if bitcoin doesn't fall, BTT will go up from here.

I like the fact that
- The retest did not go below the previous swing low
- The long shadow of the rebound.
- MRI buy (green arrow) - possible reversal

More confirmation would be a move beyond the purple lines.

Have a good profit!

Note

BBT (candles) bounced before bitcoin (gray thick line).

Note

Unfortunately bitcoin has spooked the market. Other coins, which are in retracement (DENT, MITH) are also falling. MITH is especially bad - it fell almost to swing low.

Note

Right now the main hero (as always) is BTC.
After it stabilizes, altcoins will start to stabilize after some time.

In yesterday's video, Tone Vays showed a bullish triangle on the weekly bitcoin chart. With a rise of 75+, I don't remember exactly. A breakout could start this week or next week. I completely agree with his analysis.

But have your own plan for all scenarios so you don't make decisions in panic and under emotion. I have a plan.

Note

According to onchain analytics, there is no reason to panic. I just bought different coins for part of my deposit. So I made good money on the drop to 47k and 43k.

Part of the deposit is not spent, as bitcoin has more places to fall. But not the fact that it will fall.

This is just my thinking. Use them for reflection, not as a recommendation for action. Everyone has a different strategy.

Note

I am curious. Jump would be nice.
Retest 50, 47, 43? I don't believe it yet.
Onchain is bullish.

Note

Funny, on April 4 I wrote that bitcoin could fall to 54,349 ideally on April 7. :)
But there was a rise on April 5.

Funny, on April 4 I wrote that bitcoin could fall to 54,349 ideally on April 7. :)
But there was a rise on April 5.

I can't embed a link to the article, for some reason only a picture is embedded. The article can be found through my profile, called "If bitcoin goes down 54k is possible."

But it doesn't really matter.

Note

Altcoins have started to recover. I would like to see bitcoin have the following structure to be sure of a stable upward movement.

Note

Lots of support in this place. 2 Trendlines, historical support, 200 SMA, POC.

Note

Right now, bitcoin is clinging to the trendline it was on before the fall. The task is complicated by the fact that it is necessary to break through the additional resistance line. Anchoring above these lines would be a good sign.

Note

I think bitcoin is out of the danger zone. Will there be another retest? I'm not sure.
In my chart above (the one with the purple ring where the big shadow should be) the scenario was for a strong rise and then a retest. But another scenario came through, with a retest much earlier.

Hopefully we are on the way to ATH. I bought some altcoins in on the bounce off the bottom and then on the second bounce. Little bit of money left in the fiat, just in case. And I wasn't sure what else to buy.

Note

Act according to your plan!

Bitcoin is rising and many of the alts that made a peak in the last 15 hours are falling. This applies to DENT, HOT, WIN, MITH.
BTT and STMX are looking significantly better. But BTT is under the downtrend line and has fallen below the previous swing low.

What to do with BTT? According to your plan. I assume a slight move down, then a rise. But it should not be excluded that after a slight move down there will be a slight move up and then a strong move down.

Perhaps I am missing something, did the analysis very quickly as there is no time.

Note

I am closing this trade, I am out of the trade, first of all, because I do not like the current situation, and I do not have time to predict the reversal now.

Trade closed manually

Note

Fibonacci retracement. It is quite possible that this is the reversal.

z2x2

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.