BitTorrent is an open-source file-sharing protocol that powers many decentralized apps too. The DApps supported by this network include DLive, BitTorrent speed, BitTorrent file system, and much more. It also facilitates faster downloads. BTT is the native token of this ecosystem. The BTT technical analysis will predict the price momentum for the next couple of days:
On May 17, 2021, BTT started trading at $0.006. On May 23, 2021, BTT closed at $0.003. Thus, in the past week, the BTT price has declined by approximately 50%. In the last 24 hours, BTT has traded between $0.0029-$0.0033.
Currently, BTT is trading at $0.0032. The price hasn’t changed from the day’s opening price of $0.0032. Thus, the market seems to be neutral with equal pressures being exerted by the bulls and the bears.
The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price pullback amidst a rising trend.
The OBV indicator has started falling for the past few minutes. Thus, selling volumes have overtaken buying volumes in the BTT market. There is bearish divergence here. Hence, the OBV indicator is giving further credence to the price pullback indicated by the MACD oscillator.
Currently, the RSI indicator is at 48%. It faced rejection at 64% and fell to the current level. Thus, selling pressures are much higher than buying pressures.
Hence, we can say that all three indicators have given bearish signals, and we can expect a price pullback soon. However, we have to wait and watch to see if this price pullback is temporary or a bullish trend reversal.
Currently, the price is above the Fibonacci pivot point of $0.0032. The price is likely to fall below the pivot point soon. The price may fall below the first support level of $0.0031 as well. Thereafter, we have to wait and watch to see if the price resumes its upward journey.
The price has tested and fallen below the 23.6% FIB retracement level of $0.00323. It may soon fall below the 38.2% FIB retracement level of $0.00319 as well. By day end, if the price tests and breaks out of these levels, then probably the price uptrend is strong enough to sustain till tomorrow.