BITTORRENT COIN PRICE ANALYSIS: BTT coin is finding it difficult to move higher up due to bearish preserve, will it give a breakout?

  • BTT coin price has fallen after rising high in the last 24 hours after facing rejection.
  • The coin price is forming a rising wedge pattern on a daily time frame.
  • The BTT coin price is hovering around the supply zone on a daily time frame.

BTT coin price, as per the price action is bearish and the same is depicted in the daily time frame. The coin price started forming higher high formation on daily time frames which eventually led to the formation of rising wedge patterns. As of now, the coin price is hovering around the supply zone. Despite the bullishness in the overall cryptocurrency market, the BTT coin price is facing strong bearish pressure. The coin price rose to the long-term supply zone but failed to sustain there and as a result, it has formed a long wicked bearish candlestick pattern at the supply zone. Therefore the coin price is expected to stay on a bearish trajectory in the upcoming days. At present, the coin price is trading above the 50 MA and 14 SMA. Despite the breakout of 50 and 14 MA and SMA resp. the coin price is trading below 100 MA. Going forward the coin price can face rejection of the 100 MA and fall back. The BTT coin price is trading at the upper band of the Bollinger band indicator after bouncing off the lower band. Volumes have increased in the last 24 hours due to which much higher volatility can be expected.

The BTT coin price is bearish as per the technical parameters

Average Directional Movement Index: ADX curve has been dipping for the past two weeks despite the coin price slowly up. Recent bearish pressure has forced the coin price to fall below the 25 mark. As of now, the coin price is falling forming a bearish candlestick pattern. Therefore the ADX curve can still fall depicting the trend. As of now, the coin price can be seen falling further as it has rejected the supply zone, with strong bearish pressure.

Moving Average Convergence Divergence: MACD indicator is bullish still the negative movement in the price of the BTT coin. As of now, the blue line bounced off the orange line after giving a positive crossover. The MACD indicator gave a positive crossover way back when the blue line crossed the orange line on the upside and since then the indicator is showing a bullish signal. As of now, the MACD lines are narrow and if the coin price breaks the falling wedge pattern on the downside, the MACD lines can be seen giving a negative cross-over.

Supertrend: Supertrned indicator is negative as the club price broke the important demand zone on the daily timeframe. Since then the coin price has failed to give a breakout of the super trend sell line. For the coin price to move higher and turn bullish the super trend indicator needs to trigger a buy signal in a daily time frame. Until then investors should wait for a clear trend.

CONCLUSION: BTT coin price is in a strong downtrend and the same is dedicated in various time frames. The technical parameters also suggest the same. It remains to see if the coin price breaks the rising wedge pattern or sustains above the demand zone and defies the bearish pattern.

SUPPORT: $0.00000080 and $0.00000085

RESISTANCE: $0.00000101 and $0.00000120