BTT token price breaks below the consolidation range. Increasing selling pressure indicates a downfall to $0.0020.
BitTorrent is a popular peer-to-peer (P2P) file sharing and torrent platform that has been becoming increasingly decentralized over the years. BitTorrent's TRON program has allowed it to expand its user base and offer decentralized solutions as well as cryptocurrency. Among the added features is BitTorrent Speed, which uses the BTT token as part of its operations. BitTorrent has also branched out into paid services, offering several "premium" versions of its platform, including VPN capabilities and ad-free browsing.
On September 7th, BTT coin price found supply near the resistance level of the consolidation range near $0.0050. This resulted in the downside movement of 35% over the next couple of weeks. Thus, resulting in the bearish breakout of the consolidation range. Hence, investors can enter short upon the retest of the breakout.
Source - Tradingview
BTT coin price is trading at $0.0032 at the time of writing, with a fall of 2.68% in the past 24 hours. Thus, indicating a gradual rise in the selling pressure. The daily chart's range breakout by the BTT coin price might shortly develop a high momentum rally post-retest. However, investors need to stay cautious, as the failure of the retest can lead to sideways movement. A downfall can lead up to a 30% decrease in BitTorrent crypto value.
The daily exponentially moving averages of 50- and 200-days move higher than the BTT coin value. As a result, the 50-day EMA curve is indicating a high risk of a death cross, which could increase the underlying bearishness multiple folds.
The MACD and signal lines in the daily chart indicate a sell. Additionally, the intensification of the bearish Histogram suggests a solid selling force. Investors can therefore expect the BTT market to decline below $0.0020 in the consolidation range.
Currently, the RSI indicator is moving much below the central line on the daily charts. After being rejected from the central line, RSI is finding support close to the 30% mark. However, the slope continues to climb back towards the boundary of the oversold region. However, the RSI that slopes downwards indicates a solid bearish tendency.
BTT token price is ready to rally lower upon retesting the bearish breakout. Moreover, the increase in selling pressure along with the bearish indication of MACD, RSI, and the EMAs warn investors to stay careful. Therefore, the retest of the consolidation can be seen as an excellent short entry spot.
Furthermore, the support near the $0.0020 mark can be an excellent opportunity to buy the dip for BTT coin holders.