Investors are buying up the dip after the sell-off in the last two days. BitTorrent (BTT) briefly spiked 47% to reach intraday highs of $0.00334 as investors sought the latest dip. At the time of writing, BTT was exchanging hands at $0.0028. BitTorrent has announced the upcoming mainnet launch of the BitTorrent Chain and a BTT redenomination plan, both scheduled for Dec. 12. BitTorrent Chain (BTTC) is a cross-chain interoperability protocol, which supports Ethereum, TRON, and BSC presently. While maintaining the current market cap, old BTT tokens will be redenominated and swapped with the new at a ratio of 1:1000. The total supply will be increased to 990 billion. After redenomination, the old ones renamed as BTTOLD while the new tokens referred to as BTT will be applied in the upcoming BTTC ecosystem. BitTorrent’s price declined into consolidation shortly after topping at all-time highs of $0.014 in April. The token redenomination is expected to contribute to BTT price in the medium term.
Key Levels
Resistance Levels: $0.004544, $0.004000, $0.003448
Support Levels: $0.002331, $0.002100, $0.001810
BTT/USD Daily Chart BitTorrent hit support at the fourth month low of $0.0021 as the market plunged on Dec. 4. The RSI’s oversold situation on the daily chart acted as a limit to the downward pressure, leading up to the recent rebound. The indicator is now set to meet its neutral threshold of 50 after bouncing at the 20 oversold mark. We can expect a buy-the-dip crowd as price action stabilizes.
That said, the bulls will need to lift $0.0034 at MA 50 before a bullish reversal could take shape. Stretching further, the bulls may next haunt the $0.0045 high ahead of steeper increases towards $0.009-$0.012 levels. Alternatively, failure to break beyond the moving averages could bring the $0.0021 level into view. Failing that, a bearish breakout would trigger a new round of sell-off towards $0.0018.
BTT/USD 4-Hour ChartBTT recovered some ground in the last two 4-hour sessions, but the broader picture remains mixed from a technical standpoint. That said, if the recovery continues and the bulls manage to overcome the $0.0029 and $0.0034 levels, where both the MA 50 and 200 are roughly located, then the $0.0041 and $0.0044 levels would come into scope. A successful break of these hurdles may target the $0.009 level.
Alternatively, If the sellers retake the reins, their first obstacle may be the $0.0025 level, where a downside break would touch lows at $0.0020 on the 4-hour chart. To summarize, a move below $0.0025 might spark further downside moves while a break above $0.0034 and $0.0045 may be a sign of a positive climate.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
