BitTorrent (BTT) Falls 14% Post Ascending Channel Breakout

Key Takeaways

• BTT surged 67%, reaching $0.00000132 before retracing.
• RSI signals overbought conditions, cautioning against immediate upside.
• BTT could target $0.0000015 if the bullish phase is confirmed.

BTT recently saw significant volatility, with a rally to $0.00000132 on Nov. 11, followed by a sharp downturn.

The price tests broken resistance for support, with the Relative Strength Index (RSI) signaling overbought conditions.

A potential trend reversal or continuation of the uptrend is still uncertain.

BTT Price Analysis 

The price of BTT reached a yearly high of $0.0000021 on March 4, after which it started a downtrend. On Aug. 5, it hit a low of $0.00000065. From there, BTT stabilized and slowly formed an ascending channel.

At first, it recovered to $0.0000010 on Aug. 24 and later to a higher high of $0.00000108 on Sept. 27. On the following downturn, it landed on a higher low of $0.00000080 on Nov. 4.

A new uptrend began, leading to a breakout above ascending resistance, increasing by 67% to a high of $0.00000132 on Nov. 11. 

Since then, a sharp downturn occurred, bringing back $0.0000011. BTT is currently testing the broken resistance for support. BTT could continue ascending and confirm a new bullish phase if the supports are validated.

On the other hand, the daily chart’s Relative Strength Index (RSI) is becoming overbought, signaling that traders might see a trend reversal on the horizon.

BTT Price Prediction 

Zooming into the hourly chart and examining the wave structure, we see that the price developed a third wave from the Aug. 5 low.

It came close to the 1.618 Fibonacci extension level, which means the momentum is stronger. 

Today’s retest could be the developing wave four, but the decline should maintain above ascending resistance. In addition, if this is a wave 4, the price should form a sideways range or some other consolidative structure. 

Either way, BTT could start a new bull phase, but further confirmation is needed. finally, if it gets confirmed, our projected target will be $0.0000015. This would conclude the five-wave pattern from Aug. 5. 

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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