The trend is your friend - here is why the BitTorrent (BTT) token should be in your Web3 favorites!
BitTorrent (BTT) is no stranger to the crypto space. Investors have shown interest in this project since 2019. BitTorrent was initially created as a peer-to-peer (P2P) protocol for users to transfer files. Its native token, BTT, was built on top of the Tron blockchain as a TRC-10 token. It extends the capabilities of BitTorrent by improving its bandwidth, networking, and storage resources.
BitTorrent has recently completed a successful token migration. The ticker symbol $BTT remains the same. However, on Binance, BTTC is used as the new ticker symbol. The old token will now be labeled as BTTOLD.
Innovation pushes us forwards; after a successful launch, BTT plans to have super representatives from the start. Developers and supporters will soon be able to benefit from the thriving Tron ecosystem.
In this technical analysis, we'll use different technical indicators to observe BTT in multiple time frames.
At the time of this writing, BTT is ranked the 56th largest cryptocurrency, according to CoinMarketCap. The market cap is sitting around $2.2 billion.
With a successful token migration and BTT chain past test net, what does BTT have for us in 2022? Let's take a deeper look!
BTT/USDT on a Monthly Chart
Using the logarithmic chart, we get a better long-term picture.
Looking at the monthly timeframe, we can see that the price action is new and we need more data.
BTT's recent token migration has left us with a new clean chart. As you can see on our higher timeframe, we only have two monthly candles. Since its token migration, we have seen a 40% increase from the low. BTT is now making its way towards its previous high.
We don't have any previous structure to compare BTT to since its migration. So it's safe to say that the token is currently in price discovery. At its core, price discovery is the phase when the supply meets demand. When equilibrium is found, this is when there is the greatest liquidity. Are there are signs of bulls on the lower time frames?
Let's take a closer look!
BTT/USDT on a Weekly Chart
We are sticking with our logarithmic chart and looking at the pattern in a weekly time frame. You can see that the price action has found short-term resistance.
The last time price was at this level, it pushed as high as 239 before retracing. This week, we are at the same level, now looking to break above. Let's look at a couple more details.
Looking at this week's candle, you can see the high as was also 239. There is no confirmation that the price will continue to rise. The last time it was at this level, it got rejected and sent to 220. A close above this level is a sign that the bulls have taken over. However, if there is a rejection from this level, expect BTT to continue to consolidate.
One thing to keep in mind is that a high was made when the contract migration was completed. There are some investors stuck at that level looking to get out.
BTT/USDT on a Daily Chart
We are sticking with the logarithmic chart and shifting down to the daily timeframe. This timeframe gives us a better look at when to pull the trigger.
Here, we get a better picture of the previous resistance that was broken. The price action recently broke resistance at 215 and formed a new high at 239. This move was followed by a retest and confirmation of support at 215.
By looking at the three most recent daily candles, we can see that there are daily higher lows being formed and respected. This is a good sign indicating that the bulls are gaining control.
However, if the price closes below the previous daily higher low, there will be lower lows. For now, expect to see some vertical consolidation between the recent high and the support confirmed at 215. Until the price closes above the local high or below the recent support level, it will continue to consolidate.
BTT/USDT on a 4-hour Chart
Last but of course not least, is BTT on the 4-hour time frame using the logarithmic chart. The price is establishing support.
You may also check our guide on how to find support and resistance levels!
Price action has cleared a minor resistance and is now looking to confirm support. If it closes below this level, we can expect to see lower lows. However, if there is a confirmation of support at this level, we can expect that BTT will continue running to the upside.
The market is finding stability and BTT has recently completed its token migration. This puts the token in the perfect position to continue growing. As it continues to gain exposure, stability will likely follow. BTT bulls are present in the lower time frames.
Summarizing the Above
- BTT on the monthly time frame shows that the price data is new and we need more info.
- BTT on the weekly time frame shows there is no confirmation if the price will continue to rise.
- BTT on the daily time frame shows that the bulls are gaining control.
- BTT on the 4-hour time frame shows that the BTT bulls are present.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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