Hi friends, hope you are well and welcome to the new update on BitTorrent ( BTT ) token.
Downtrend line, oversold condition, and EMAs.
On the weekly time frame, it can be clearly seen that the price action of Bittorrent has found down trendline support. Whenever price action is moving at this down trend line support, it is having a nice bounce towards the upside.
If we take a look at the exponential moving averages with the time period of 10 and 21. Then EMA 10 has crossed down the exponential moving average 21 which is a bearish signal. Because when the small-time period moving average crosses down the bigger time period moving average then it is considered as a sell signal and if the smaller time period moving average crosses up the bigger time period moving average then it is considered as a buying signal for bullish signal among the trader's community. Now if we take a look at the stochastic oscillator then it is moving in the oversold zone for a long time period and the moving average convergence divergence ( MACD ) has started turning bullish .
Previously we had the same signals:
Previously in November 2020, on the same weekly timeframe chart, when the EMA 10 crossed up the EMA 21 then we had a very powerful and long-term bullish rally at the same time the stochastic was also in the oversold zone and the MACD gave a bullish signal exactly like we are receiving such signal this time.
Symmetrical triangle:
If we switch to the small-time period 4-hour time frame chart, then it can be easily observed that the price action of BitTorrent is moving in a symmetrical triangle. Therefore, in order to start the big rally, the price action needs to break out the resistance of this triangle with nice buying volume
Big harmonic BAT move:
On the weekly time frame chart, the price action has of BTT has formed a big bullish BAT pattern. There is also 50 simple moving average support in buying zone. The buying and sell ranges as per the Fibonacci sequence of this harmonic pattern can be:
Buy between: $0.003151 to $0.001824
Sell between: $0.006314 to $0.011062
The maximum extent of potential reversal zone $0.001824 can be used as stop loss. Or the 50 SMA support can also be used to minimize the risk. As per the above targets, this trade has a huge profit possibility of up to 500%, and the loss possibility is 42%. However, we can also use the 50 SMA support in order to minimize the risk.
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Link for Binance exchange, to trade crypto:
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Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
▶️ 3Speak