BTTUSD trade ideas
Expect BTT selloffDescending triangle formation. This is an inherently bearish pattern. Expect retest of $0.0030
It is not a financial advice, it is just an idea.This is not a financial advise, and this is just my idea
BitTorrent: Down, But Not Out...To stay up-to-date with the latest market developments, be sure to subscribe to Kraken Intelligence at kraken.com
What Is BitTorrent (BTTUSD)?
BitTorrent captured the hearts of many music and movie enthusiasts in the early 2000s when it launched software that facilitated file sharing over a peer-to-peer network. Rather than downloading or uploading files to a single server, users joined a network of computers running a software enabling them to exchange files and data with each other.
But in the years since, BitTorrent struggled to monetize its massively popular service. To that end, BitTorrent was acquired by the Tron Foundation, creators of the Tron blockchain, in 2019. The new ownership then introduced a BitTorrent token cryptocurrency, BTT, to help expand its protocol and incentivize the network’s participants.
With BTT token, the BitTorrent team hopes to add incentives to torrenting and solve issues such as slow download speed and the diminishing availability of files over time. As such, BTT coin is bought and spent by those who request files or wish to increase their download speed, while providers have to receive and sell BTT in order to be compensated for sharing the files on their systems.
BTT Statistics:
Market Capitalization: $5.4B
CryptoAsset Rank: #27
24-Hour Return: +1.75%
7-Day Return: -14%
From All-Time High: -43%
Technical Setup:
After going parabolic in late March and early April, BTT has retraced nearly -43% from its all-time high set on April 5. Despite falling from grace, the technical setup suggests that BTT is not necessarily down for the count.
Currently, BTT appears to be forming a bull flag pattern that could lead to a breakout this week. Assuming the BTT breaks to the upside and history repeats, we could see BTT enter back into "price discovery mode."
If we use BTT's most recent parabolic move, extrapolate off from the flag's apex, and assume history repeats to an absolute T, we'll get an implied price target of $0.0168; this equates to a +108% gain from current price.
Should the flag's support ($0.00755) fail to hold, we could see BTT retrace an incremental -32% down to the next local support level ($0.0056).
For now, we'll have to keep a close eye on whether BTT breaks up or breaks down for further confirmation of where BTT is likely to trend next.
BTTUSDBTTUSD is still in a very bullish pattern. Currently consolidating and is starting its initial move for ATH. Ichimoku cloud bullish pattern has not changed. My initial next target around 2 cents has not changed. It will slowly move up in an arc.
BTTUSD: 0.0255 possible?If such a target is going to happen which is quite possible during a bull run, then a target market cap of $16.722 B is expected.
1. We need to not only consider the technicals, but we have to address the total market ecology & statistics.
For example, you can check the following website on the growth rate of "New Blockchain Wallets":
www.statista.com
2. Also, we need to address psychological behavior of the ecology in terms of traders &/or investors expectations.
3. Then, the fundamentals: usages & solutions provided by the crypto asset that we own. Why BNB has been ever growing?!
BitTorrent is an old brand. We uses to take advantage of its downloading services since more than 20 years ago. Right? So, it is know to most of us. Humans very much like to associate what they have with whatever is out there in the real world. We contrast & compare. BTT has already a nice face. Justin took it over since he knew that not only BitTorrent is a famous specialized downloading platform & everybody continues to use it even more in a digital world, but also the brand.
I do not want to elongate this writing, but what I have mentioned here in my viewpoint matters a lot when it comes to trading. Another brand Case Scenario is Doge due to Elon's support. Right?
Still, this is not a financial advice.
BTT Bull ContinuationGood day Traders. BTT getting to point break, AKA Apex. Nice gains if we follow through. Not financial advice, just my current view. Please leave a like if you agree, or let me have your thoughts below. Cheers.
BTTUSD BIG POTENTIAL BUY all the way to 0.01753693Technical Analysis
1. Forming of Large Pennant Pattern
2. Expect the market to fall to Fibonacci 0.618 Level which would complete our Pennant, potential OverSold on RSI and hitting the support structures
3. Fibonacci Level is also sitting on the structure level
4. 3 potential support levels, Horizontal, Trendline and EMA (creating area of confluence)
5. Our Take Profit is sitting on the Flagpole Take Profit length, as well as Fibonacci Expansion Safe, Take Profit Zone at Level 1
To MAXIMIZE your profits it's best to buy at 0.00577231 all the way to 0.01753693 (You can consider buying slightly earlier and hold, then stack additional trades at 0.005777231 if you do not want to miss this huge incoming climb)
BTT moving to the down side out of original breakout range. This is not financial advice. Please do your own analysis before entering any trade. Even after Increased buyer volume at .0085, buyers could not follow thru and are getting smothered by the heavy selling pressure. Next support area is around .0074.
BTT FIB ChannelGood day Traders. BTT just might start the next uptrend shortly. Bottom of the FIB channel reached, time to pump it up imo. Not financial advice, just my current view. Lets go. Please leave a like if you agree, or let me have your thoughts below. Cheers.
BTT going to moon!!!Wow !
I see 0.12$ for BTT. But at first need to break channel. I'll think its happening because BTC index going to near 75 thousand dollars .
then tp is 0.12
good luck!
