2019-5-2 14:34 |
BitTorrent Price Analysis: BTT Daily Chart – Source: Tradingview.com
BitTorrent token recorded significant drops last week moving away from the $0.00073 level.
Although BTT’s price started this week by continuing with drops like seen last week, its price action has since begun to recover indicating that price may have found a point of buying pressure.
The price reversed around $0.00061 which was the opening price for a significant increase during BTT’s first few days of trading.
The price recorded increases over the past two days of trading with yesterdays daily candle forming with a small body.
Price is following up with another increase today.
If price fails to continue this increase, a lower high will form resulting in a bearish market structure.
However, the recent daily increases are a bullish sign for BTT given its poor performance over the past few weeks.
BTT 4-Hour Chart – Source: Tradingview.comThe momentum has been on the side of buyers in recent trading with BTT.
The 4-hour MACD and RSI have been increasing.
Price increased to $0.00067 where it found some resistance.
The price currently trades between $0.000674 and expected support at $0.00066.
In the short-term, it looks likely that BTT will increase to retest $0.000674.
However, in the longer-term, it looks unlikely that BTT can maintain higher valuations given its poor performance over the past few weeks.
ChainLink Price Analysis: ChainLink Daily Chart – Source: Tradingview.comAfter significant drops last week which resulted in the price of LINK dropping below a key level at $0.475, the price is performing strongly this week with a significant increase recorded on Wednesday.
However, price found resistance at $0.475 during this rise and followed up yesterday with a Doji candle forming.
The Doji candle reflects uncertainty from traders, and the price is following up with a decline being recorded today.
Link 4-Hour Chart – Source: Tradingview.comSimilarly to BTT, LINK is trading between two levels.
The drops last week broke below support at $0.438, but any drops below this point quickly found buying pressure to bring the price back above.
Despite the increases earlier in the week, the momentum seems to be shifting back towards sellers as the MACD and RSI start to decline.
Continued declines from this point look likely.
Key Takeaways: After weeks of poor performance, BTT has performed better recently but whether it can hold higher valuations remains questionable LINK recorded a strong performance on Tuesday but followed up with a Doji candle yesterday and declines today LINK currently trades between a daily resistance at $0.475 and hourly support at $0.438 Latest BitTorrent & Chainlink News:Both BitTorrent Token [BTT] and Chainlink [LINK] Drop Below Key Levels Amid High Selling Pressure [Price Analysis]
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.BitTorrent Token Is Increasing This Week While Chainlink Meets Resistance [Price Analysis] was originally found on Cryptocurrency News | Tech, Privacy, Bitcoin & Blockchain | Blokt.
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