thecoinrepublic.com
- BTT free fell by nearly 50% cause the price to hit a low of $0.0027 in Wednesday’s intraday session
- The BTT/BTC pair is trading at 0.0000010 with a loss of 15% at press time
- Bittorrent protocol has reached a strategic partnership with the TRON protocol
BTT saw another sharp 50% fall today, causing the crypto currency to tank as low as $0.002. BTT is now trading at $0.0040 which is only 37% above today’s low. It is now valued more than $2.5 billion, making it the 47 biggest crypto currency in the world.
The price action of BTT displayed signs of exhaustion from the moment it established at ATH of $0.01 on April 5th. The sideways momentum made it seem like the price action was aiming to consolidate in a bull flag. While the bullish structure still appears valid, BTT broke towards the downside to retest a major support level of $0.0002 on account of BTC’s dance of death.
The price action had depicted a similar structure back in April 23rd which was later on perceived as a fakeout. Despite today’s crash, the bullish sentiment remains intact for BTT which could mean that this enormous red candlestick is just another fakeout.
However, the success of the 20 EMA (yellow) to entertain a bearish crossover with the 50 EMA(red) would invalide the bullish reversal narrative and expose BTT to new lows.
4-hour chart of BTT displays signs of recovery
A recovery was anticipated from the moment the 4-hour chart of BTT formed a hammer candlestick at the critical support level. The following candlestick crossed above the resistance of $0.004 (FIB 2.36). A decisive close above this particular retracement level usually suggests that the bulls have prevailed.
At present, BTT is trading below major EMAs where the death cross caused the price to plunge by 65%. For the next few hours, bulls eye a close above the 20 EMA(yellow) which is a significant step in the recovery phase. While this does happen, the EMA’s could potentially lay the ground for a massive upswing.
Most technical indicators are weared out as evidenced by the RSI which spent most of today’s time in the oversold territory. In fact, the RSI shrunk beyond the range of 20 giving investors a golden opportunity to buy BTT at a discount.
The MACD on the other hand has been hovering inside the negative territory since 10 days with respect to the price action falling apart.
Bittorrent NFT Partnership confirmed
The project APENFT whose goal is to create a central platform for high end NFTs and make it accessible to the broader public has partnered up with TRON and Bittorrent Platforms. Like how Blockchain democratizes finance like never before, APENFT not only upgrades the way artworks are hosted but also transforms them into elite-non exclusive items to something that truly belongs to the people.
A news like this can spark a bull rally for Bittorrent once the fear wears off in the market.
SUPPORT : $0.0027
RESISTANCE : $0.008 and $0.01