BitTorrent Technical Analysis: This is When BTTC Price May Eliminate a Zero

Key Takeaways:

• The BitTorrent price closed the previous day’s trade at $0.00000082 with a market capitalization of $777.23 million and a circulating supply of 942,690.25 billion BTTC
• The BTTC price has remained largely bearish as it continues to hover close to the lower support displaying the possibility of retesting the lower support due to the lack of required buying pressure

Read more: BTTC Price Prediction

Technical Analysis for November 2022

Since the market collapse in May 2022, the BitTorrent price has been trading within predetermined levels. Despite failing to regain levels above $0.000001, the BTTC price maintained a decent downtrend and reached a bottom in mid-October. While bulls are constantly attempting to slice through $0.0000009, bears are attempting to drag the price down to $0.00000075. 

However, the token is currently trading in an ascending trend, with constant higher highs and lows, and it is expected to surpass the critical resistance level of $0.00000085 very soon. After completing a parabolic recovery to reach $0.00000095, the possibility of slashing a zero in its value arises with advancement beyond these levels. When these levels are reached, bears may take over the rally, but only for a short period before a significant rebound. 

Technical Analysis at a Glance

Since the BTTC price fell below $0.000002 during the infamous May 2022 market crash, it has been trading in a bearish trend, unable to recover the losses. Meanwhile, bulls are constantly attempting to lay down a significant upswing, but the rally is being hampered to a large extent by diminished strength. Now, as the yearly close approaches, the price may increase volatility and work hard to remove a zero from its value. 

Technical Indicators & Pivot Levels

Pivot Levels

In the short term, the BTTC price appears to be largely bearish, Bears are expected to drag the price down very soon, despite the fact that many indicators are currently in neutral territory. However, the Ultimate Oscillator, which indicates a significant change in the trend, is bullish, suggesting that the asset may eventually rebound daily after a minor pullback. 

Long-term indicators, on the other hand, are currently slightly bearish, as the token began trading on a bearish note in the new week. Long-term forecasts, on the other hand, are typically bullish because market sentiment is expected to shift very soon.

Read more: Top Companies using Blockchain Technology

BitTorrent On Chain Analysis 

• The trading volume of the crypto has dropped heavily from levels above $50 million to as low as 16 million to 17 million at the movement. This signifies the shift of the market participants from the BTTC platform. 

Source: Santiment

• Meanwhile, the development activity is on a run, regardless of the price movement or the other depleted features of the crypto

Source: Santiment

BitTorrent (BTTC) Technical Analysis for Short Term

Source: Tradingview

• Since it bounced off the bottoms a few days ago, the BTTC price has been trading within an ascending pennant.
• On the other hand, the token is constantly attempting to overcome the immediate resistance but has failed thus far.
• However, the price is expected to coil up towards the triangle’s apex, where the bulls may push the price above the levels.
• Furthermore, a minor retest is possible once the price reaches $0.0000009, but newly formed support levels at $0.00000085 may hold the price firmly and spark a rebound.

BitTorrent (BTTC) Technical Analysis for Long-Term

Source: Tradingview

• The BTTC price is largely trading within a symmetric pennant in the long time frame and hence expected to trade within a consolidation phase for some more time ahead
• As the pinnacle of the accumulation is pretty far, the possibilities of the price closing the yearly trade on a bearish note emerges
• However, just before the yearly close the volatility of the asset may rise, which may further uplift the price towards the upper targets
• If the token fails to breach through the resistance, it may test the lower support zone initially and attempt for a rebound. Failing here may lead the price to drop towards the yearly lows below $0.0000007.

Read more: Top ways to make Passive Crypto Earnings

Where & How to Buy BitTorrent(BTTC)?

Buying or selling BitTorrent is extremely easy & safe on CoinDCX. All you need to do is, download CoinDCX App on your smartphone, register by entering your details, complete your KYC & wait for your profile to be verified. Once done, fund your wallet and buy BTTC!

FAQs