BTT Price Analysis: Is BTT Price Prepared For a Comeback?

At present, the BTT price is attempting to make a comeback despite the recent bearish sentiments in the market. The BTT price, as per the price action, is predicting a bullish reversal in the near future. Presently, the price is making a lower high and lower low with a hammer pattern after breaking its bear trend at the demand zone. The price is currently making a bullish reversal pattern, according to which, the price can be expected to make a reversal from the current levels.

The investor’s sentiments regarding the BTT price are also turning bullish.

BTT price trading under the supply zone on the (Daily Timeframe)

The price made a bullish double-bottom pattern in early January, where the BTT token gained 23% of its value. Following its bullish rally, the price consolidated for a few weeks, and faced resistance from $0.000000774. In mid-April, the BTT token went through a brief selloff phase. During the selloff, BitTorrent’s price made a correction of nearly 20% after breaking its consolidation.

Technical Analysis ( 1 Day Timeframe )

At present, the BTT token price is trading near a major demand zone around $0.000000612 following its uptrend trendline. The price is taking a reversal from the support level, making a bullish hammer candle. Its nearest support level is 3% below the current price and resistance is 4% above. If the BTT price is able to cross above its nearest resistance, the next target for it is 12% above. Hence, the price is giving a decent 1:4 risk and reward ratio.

The RSI line recently crossed over the 14 SMA lines whereas the Stochastic RSI gave a bullish reversal above the median line at oversold levels. If the historical price action is analyzed, it can be observed that the price gives most of the major breakouts when the oscillators are at oversold levels. The current value of RSI is 46.41 points where Stochastic RSI is at 73.81 points.

Conclusion

According to analysts, the investor’s sentiments regarding the BTT price are turning bullish. If the price takes support from current levels, it has the potential to give a 12% bullish rally. But the buyers might prefer to be cautious as the BitTorrent price is trading below the major EMA’s. The major trend for BitTorrent can be considered bearish. If the price loses support from this level, the next support is 12% below. The price action is offering a risk and reward ratio of 1:4 with the support of oscillators.

Technical levels –

Support -$0.000000608

Resistance – $0.000000693

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.