BTT price is trending within a narrow range within $0.005 and $0.002 since the May crash. Moreover, the present trading month recorded lower resistance and higher support levels compared to the previous month. As the support levels are getting higher and higher, the probability of exiting the bearish divergence appears to be high.
The asset is maintaining a substantial amount of trading volume which points out towards the interest of the traders onto the platform. No doubt the price remained falling since it gained bullish momentum by mid-August. Yet it seems that the time has approached when the asset may breach through the barriers to hit the immediate resistance.
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The asset after gaining enough bullish momentum suddenly initiated with a substantial plunge. The price which was had almost gone half the way to regain its lost position, slipped to the lower support levels. Hence forming a falling wedge, which is indeed a bullish indicator for the upcoming price jump. Therefore, a notable jump to the immediate resistance levels around $0.005 may be on the horizon.
Yet the BitTorrent price needs to slice through certain levels in order to validate the uptrend and mark the resumption of the bull run. The zones around $0.0045 appear to be extremely important to surpass. However, the BTT price has initiated with a flip which may test the crucial levels in the next couple of hours. And eventually the uptrend may initially breach $0.005 levels and March towards higher levels in short term.
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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
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