BTT Technical Analysis: Tension rises as BTT recorded new low

 

BTT(BitTorrentToken) has been falling down for the past 2 years, and there are absolutely no signs of recovery. Investors are losing hope as the price keeps on dropping and is creating new lows.

• BTT/USDT is down 2.48% today
• BTT/USDT has been falling down for a long time, and investors are uncertain of its future.

BTT/USDT is trading at $0.000000513 after breaking support on the daily time frame. This drop was almost 12% from the support. The price is in a strong downtrend. The price action shows that buyers are not taking any interest. This may be because the sellers are the ones who got trapped by buying at a higher price and are selling with every rise in price to reduce their losses.

The Daily chart shows a lack of buyers

The Daily chart clearly shows that the market is missing buyers and the investors are getting worried as the day passes. From a technical point of view, we can observe a downward channel formation, which could be the investors’ last hope. A sustained break above this channel can increase prices by almost 75%.

But due to this strong downtrend, this upward move will be quite difficult. The price can regain its strength only if the whales show interest in this asset. 

The 4H chart represents a minor downtrend

The 4H timeframe indicates a strong downtrend as the price keeps on creating new lows. The price is below 200 EMA, and all the technical indicators point downward. If the bulls decide to show up, the price will face its first resistance at  $0.000000579. On the downside, there is no horizontal support. Price can try to bounce off the trendline of the parallel channel. 

As the prices fall, it will become more difficult for the bulls to push the price high as the trapped buyers will immediately sell as soon as they notice any surge in price. This is due to the desperation to minimize the losses. The falling prices can also be the result of weak fundamentals. 

RSI

The RSI indicator is currently at 33.43, and the RSI has crossed the MA line towards the downside which indicates sell pressure.

MACD

 The MACD indicator made a bearish crossover and this increases the probability of further downside. 

200 EMA

As observed, on the 4hr, the price trades below the 200 EMA(exponential moving average) which acts as a significant resistance. This clearly indicates a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.

Technical levels

Support Levels:  $0.000000507 –  $0.000000440

Current Price: $ $0.000000512

Resistance Levels: $ $0.000000579

Conclusion

BTT has been falling for a long time, and investors are only looking to exit their positions with minimum loss. This can be seen with the drop in prices with every rise. At present, Investing in such an asset can be compared to gambling. Investors must wait for the break of the channel for any buying opportunity.