BTT May Fall to Pivot Support Level of $0.003 - Technical Analysis

Ankita  |  Mar 22, 2021

BitTorrent token is a blockchain-based utility token for a decentralized file-sharing protocol. The DApps supported by BTT are BitTorrent speed, BitTorrent file system, and DLive. Thus, it powers innovation in the decentralized digital currency world. It is a fast and secure blockchain ecosystem.

Past Performance

On March 15, 2021, the opening price of BTT was $0.0017. As of March 21, 2021, the closing price of BTT was $0.0036. Thus, the price has skyrocketed by approximately 112% in the past week. In the last 24 hours, BTT has traded between $0.0028-$0.0039.

BTT Price Analysis

Day-Ahead and Tomorrow

Today morning, BTT started trading at $0.0036. Currently, it is trading at $0.0034. Thus, the market looks bearish.

The A/D indicator is tapering downwards. This implies that whale distribution has surpassed whale accumulation. Thus, high selling activity will exert downward pressure on the BTT price. Thus, we can expect the price to go down further.

The MACD and signal lines are negative. This implies that the overall market momentum is bearish. But, a bullish crossover by the MACD line over the signal line is indicative of a temporary price rise amidst a bearish trend. In other words, the BTT market is in a price correction phase.

Presently, the RSI indicator is at 44%. It faced rejection at 55% and spiraled downwards. Thus, selling pressures are high. Hence, we can expect the BTT price to fall further.

BTT Price Analysis

Currently, the price is trading just above the Fibonacci pivot point of $0.0034. But with the oscillators pointing towards a negative trend, the price may soon fall to the first Fibonacci pivot support level of $0.003.

The price has tested and fallen below the 61.8% FIB retracement level of $0.0035. It may soon test and fall below the 38.2% FIB retracement level of $0.0032. If by the end of the day, the price falls below the 23.6% FIB retracement level of $0.0031 as well, then a bearish trend is confirmed. In that case, the price downswing will continue tomorrow as well.

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