Potential Pullback May Discount Prices by 8%

Amid the widespread recovery phase in the crypto market, the BitTorrent-New (BTT) price has shaped into a rising wedge pattern. However, in theory, this continuation pattern bolsters the prevailing downtrend once the coin price breaches its support trendline. Furthermore, the coin chart shows reversal signs at the pattern resistance trendline, encouraging another retracement within this pattern. 

Key points: 

• The BTT price shows intense supply pressure at $0.000001 with a long-wick rejection candle
• The Bollinger band indicator barriers aligned with a rising wedge provide more weightage to this pattern
• The intraday trading volume in the BitTorrent-New is $84.2 Million, indicating a 79% gain

Source- Tradingview

On July 27th, the last bull cycle emerged from the pattern’s support trendline and surged the altcoin by 14.6% as the crypto witnessed buying pressure after the US Fed announced an interest hike. In addition, early today, the BTT price showcased 9% growth which teased a bullish breakout from the pattern’s resistance trendline.

However, the price couldn’t sustain the higher levels and reverted entirely with a long-wick rejection. The BTT price currently trades at $0.0000009758, with an intraday loss of 0.82%.

Thus, such supply pressure at the aligned resistance of the rising trendline and the $0.000001 psychological mark suggests a potential correction. The bear cycle within this pattern could tumble the coin price 7-8% before hitting the support trendline.

Furthermore, a daily candlestick closing below the bottom trendline would accelerate the bearish momentum and may pull the price under the $0.0000008 support.

On a contrary note, if the market sentiment showcases more improvement, a bullish breakout from this pattern is plausible, which may offer an early sign of trend reversal.

Technical indicator

RSI– the daily-RSI slope rising along with price action indicates the traders feel optimistic about this coin.

Bollinger Band indicator– along with the resistance trendline, the BTT price also tags this indicator’s upper band, indicating an additional barrier bolstering market sellers. Moreover, previously when altcoin retested this band, the coin showed a minor correction to support the trendline.

• Resistance levels- $0.000001, and $0.00000116  
• Support levels- $$0.00000085 and $0.0000008