A Wedge Breakout Is Finally Confirmed


BitTorrent Price Analysis: The price of BTT/USD reached a high of $0.00105 on February 24th, before sharply breaking down. While it initially struggled to make a bottom, it finally made one at $0.00073. The price had been trading inside a descending wedge for the past 21 days, before breaking out on March 11. Currently, it has not yet reached the first resistance area near $0.0009. The breakout was done at a very significant volume.

Key Highlights:

  • There is major resistance near $0.0009 and $0.00102.
  • There is support near $0.00073.
  • The price just broke out of a descending wedge.
  • Indicators show overbought conditions.
  • The price is trading above the short and medium-term moving averages.

BitTorrent Price Analysis – BTT/USD – 2 Hours Chart

BitTorrent Price Analysis
BitTorrent Price Analysis chart source: Tradingview, Binance

A look at the 2-hour chart shows us that the price reached a high of nearly $0.00105 on February 22 before sharply breaking down. Since the high, it has created numerous lower highs, generating a descending wedge in the process. Furthermore, it created a support area near $0.00073, validated more than three times, from where the breakout occurred. The wedge lasted for approximately 21 days.

Also Read – Bitcoin [BTC] Price Analysis: Price Might Have Started a Downtrend

As for the indicators, the price recently broke out of the 21 and 50-period moving averages and the Ichimoku Cloud. The 21 and 50-period MAs have made a bullish cross and are offering close resistance to price. The RSI was trading at 79, indicating overbought conditions, but returned to 51 shortly afterward. The MACD is at its highest levels in a month, but seems to be losing power and has almost made a bearish cross.

 BitTorrent Price Analysis– BTT/USD – 30 Minutes Chart

BitTorrent Price Analysis
BitTorrent Price Analysis chart source: Tradingview, Binance

A look at the 30-minutes chart shows that the price tried unsuccessfully to break out of the previous resistance near $0.00083. However, the upward move was done at a very significant volume, indicating that future price increases could occur. However, the retracement has been swift, and the price has lost almost all of its gains. The price is not following a trading structure besides the resistance area near $0.00083.

As for the indicators, the MACD has made a bearish cross and is falling down. Furthermore, it has crossed into negative territory. The RSI is at 39, indicating neither oversold nor overbought conditions.

Summary

BitTorrent Price Analysis [BTT]: A Wedge Breakout Is Finally Confirmed

Article Name

BitTorrent Price Analysis [BTT]: A Wedge Breakout Is Finally Confirmed

Description

BitTorrent Price Analysis: The price of BTT/USD reached a high of $0.00105 on February 24th, before sharply breaking down. While it initially struggled to make a bottom, it finally made one at $0.00073

Author

Valdrin Tahiri

Publisher Name

Coingape

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