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Market Analysis

BitTorrent (BTT) Technical Analysis – Trend shift or continuation?

BitTorrent (BTT) is a TRC-10 cryptographic token created by a collaboration between the TRON foundation and the BitTorrent foundation. The BitTorrent protocol, powered by BTT, facilitates the exchange content between creators and consumers without the need of middlemen. The token has been trading since February 2019, therefore it is quite new without a large amount of data to judge its PA with a high level of confidence.

When the token initially hit the market, it rose by 200% against the stablecoin USDT before correcting by more than 50% in three months. Following the initial correction, another 200%+ rally took place, taking BTT’s price to 0.001865USDT. The crypto-asset underwent a 40% correction before ranging in what developed into a bear flag that finally broke on the 11th of July 2019.

After breaking the bear flag to the downside, BTT quickly fell towards 0.0008USDT where it has found its most recent support. By measuring the initial leg before the start of the bear flag construction, we can conclude that the bear flag target has been achieved. The question now becomes, will it continue sliding down after having completed the bear flag pattern, or will the trend shift?

For upside continuation, the token will need to cross 0.001USDT in order to move higher towards 0.0012USDT and even the ATH. Conversely, if it tests 0.001USDT and fails to break it, we can expect it to slide back down towards 0.0008USDT and 0.0006USDT beyond that.

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