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BTT Coin Price Falls 35% Within A Month Due To A Downtrend In A Parallel Channel Fashion

Analytics

www.thecoinrepublic.com 03 May 2021 10:33, UTC
  
Reading time: ~2 m

  • BTT coin price has been falling within a parallel channel in the daily timeframe, more than 35%
  • Currently, the coin price has recently found support near the 50 EMA in the daily timeframe, implying the halt of a downtrend and possible completion of pullback.
  • The BTT/BTC pair is trading at 0.000000122 with an intraday fall of 1.71%

source-tradingview

BTT coin price faced a supply dump resulting in a 30% downside move resulting in the downtrend inside the parallel channel in the daily timeframe, near an important support level has pushed the price back up. The fall resulted in the price finding support close to the 50 EMA in the daily timeframe and also pushing the price back up in the parallel channel. The live BTT price today is $0.007073 with a 24-hour trading volume of $620,653,312. BTT is up 0.14% in the last 24 hours. The live market capitalization of the coin is $4,667,867,997.

Continuation of Parallel Channel Movement

source-tradingview

BTT coin price has fallen in the 4-hour timeframe after the supply dump from the 52-week high level inside the parallel channel. However, the false breakouts of the channel have resulted in the loss of momentum near the breakout. A short-term pullback is expected to continue the resonance of price within the channel. The coin price has moved just 0.14% up in the last 24 hours. The levels of $0.0064 and $0.0047 are the immediate support below the channel, whereas the immediate resistance levels are $0.0079 and $0.0097.

According to the 4hour timeframe, the bearish crossover of 50 (yellow) and 200 (white) EMA is expected to occur soon, implying a downtrend, but the coin price might push back up and prevent the crossover.

The RSI (bullish) indicates bullish momentum while trading at 51. The RSI line is spiked up and is now heading to the overbought zone.

The ADX indicates a very low momentum as it trades at 8.5 while the slope of ADX is moving sideways, implying a stagnancy in momentum. 

Conclusion – BTT coin price has been resonating inside the downside parallel channel pattern and indicates continuing to move in the same fashion. The breakout of the resistance level of $0.0079 will probably drive the price close to the previous all-time high. However, the recent rejection from this level might drive the price lower. All of that depends upon the volume, which is negligible for now.

Support- $0.0064 and $0.0047

Resistance- $0.0079


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