Market Analysis

BTT Technical Analysis – The break of a bearish structure

BitTorrent (BTT) seems to be on the ledge between a bearish and a bullish trend. The weekly candle is currently above $0.0004165 key level. If it closes in the same manner, then the lower high (LH)/lower low (LL) bearish structure would be in the first stage of being broken as the previous low is reclaimed.

The next step would be for BTT’s PA to cross above the last LH at $0.00047 and create a HH.

The daily timeframe is communicating a similar image with the first target sitting at $0.0004821 followed by the round $0.0006 key level.

For a conservative approach, it would be best to await the break of a level as resistance before considering the possibility of price rallying higher towards another level.

Surely, if price were to rally higher, there will be consolidations and retracements in order to pick up demand fueled by buyers. These are an organic part of any trend, whether it be bullish or bearish.

If BTT’s PA is unable to close the weekly candle above $0.0004165, then new lows may be on the cards.

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