BitTorrent is a popular peer-to-peer (P2P) file sharing and torrent platform which has become increasingly decentralized in recent years. Originally released in July 2001, BitTorrent (BTT) was purchased by blockchain platform TRON in July 2018. The original BitTorrent is the brainchild of Bram Cohen, a developer, and entrepreneur who himself has since become well known in the cryptocurrency arena. BitTorrent’s original goal was to disrupt the legacy entertainment industry and how consumers obtain content.

Let us <a href="https://www.cryptoknowmics.com/news/btt-technical-analysis-price-ready-to-hit-the-0-0020-bottom-level/">look at the technical analysis</a> of BTT.
<h2><b>Past Performance</b></h2>
The Falling Wedge pattern was seen around four days back, usually resulting in a bullish breakout. Also, when the price breaks the upper trend line, the price is expected to trend higher. It can be seen coming true. BTT opened on October 23, 2021, at $0.003655. The week witnessed a sharp decline followed by an uptrend. It closed on October 30, 2021, at $0.003816. This was a positive weekly change of 4.4%.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/y/YWzX7VKL.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/YWzX7VKL/">https://www.tradingview.com/x/YWzX7VKL/</a>
<h2><b>BTT Technical Analysis</b></h2>
It can be seen that in the previous week, the price chart took a dive, after which it took crucial support at $0.003054 for a trend reversal. The price has been on an uptrend since then and higher lows can be seen along with higher highs.

Currently, BTT is trading at $0.003915, which is 2.15% higher than the previous day’s close.

<strong>OBV</strong> is showing an uptrend in its graph. This means that the buying pressure is consistently dominating the selling pressure. This is a positive signal, indicating investors a benefit of taking a long position.

<strong>RSI</strong> is currently at 56.27%. It is moving upwards, indicating that the strength of the price is increasing. This is again a bullish signal.

<strong>MACD</strong> is showing neutral signals. The fast line and the slow line, both are overlapping each other and move along the equilibrium. This is a signal that the traders may hold their current positions.
<h2><b>Day-Ahead and Tomorrow</b></h2>
<strong>FIB Retracement</strong> shows that the BTT price has successfully crossed the Fibonacci pivots at $0.003461, $0.003691, and $0.003830. The next level is $0.003945.

Thus, the indicators are giving bullish signals. The traders may take a long position by keeping the target at $0.004534 and stop-loss at $0.003442.  However, if the price fails to break the resistance at $0.004166, a trend reversal is also possible.

BTT Technical Analysis: Price Took a Crucial Support at $0.003054 for a Trend Reversal

BTT FIB Retracement shows that the price has successfully crossed the Fibonacci pivots at $0.003461, $0.003691, and $0.003830. The level is $0.003945.Thus, the indicators are giving bullish signals. The traders may take a long position by keeping the target at $0.004534 and stoploss at $0.003442.  However, if the price fails to break the resistance at $0.004166, a trend reversal is also possible. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

BTT Technical Analysis: Price Took a Crucial Support at $0.003054 for a Trend Reversal

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