BitTorrent (BTT) sudden increase 9% which may hinting the potential trend reversal in Crypto market
BitTorrent (BTT) after a long bearish period indicates a positive recovery signal . Currently the pair trades at $0.00000071, but currently it displaying a important bullish reversal pattern towards an upcoming trend shift.
But from December 2024 BitTorrent maintain a downward Trend this can be revealed by BitTorrent price history. From December 2024 until today BitTorrent created a successive lower highs and lower lows. But recently the price of BitTorrent produce a substantial green candle that indicates traders are reentering market with buying intent. Abul is trend emerged during April at $0.00000050 and maintain a strong support.
Trading volume also increase
According to the data of CMC (Coin Market Cap) with the increase of price there is a noticeable jump of trading volume also. This demonstrate that the price movement is not a artificial jump but also a real buyers’ authentic interest.
According to border technicals this price position below the 200 day Exponential Moving Average(EMA) which indicates a negative long term market sentiment. But the recent price moment shows narrowing the gap between price and 200 EMA . If this bullish moment continue such a way there may be a bullish crossover.
MACD(Moving Average Convergence Divergence) indicator also shows the bullishness.
RSI ( RELATIVE STRENGTH INDEX) shows are strong improvement
MACD indicator also shows a positive signal. There is a crossover between MACD carve or signal line. Also MACD start rising at the level 0.00000002. However MACD curve and signal curve are not in fully in positive zone and maybe required a little more momentum
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The RSI stand at 69.39 . It has transitioned from its oversold state in March.
This jump is well above the moving average of RST which is currently 43.13 and clearly confirm buying pressure. It is a strong indicator of buying moment.
Key resistance and support levels
Entry points in BitTorrent $0.00000080 and $0.00000100 will be the important resistance level. A break out of the availability can give a sarpar momentum of BTT price. Down side $ 0.00000050 is still very critical. If the price break below the label for any reason then the market sentiment can bearish again.
Important in market sentiment
Overall there is a new police web in the BitTorrent market. But it still important to maintain a little caution because until the price does not break out above 200 EMA and does not enter MACD position zone properly.
Jaipur traders suit plan their strategies carefully.
Finally
BitTorrent recent 9% surge is signaling a new hope in the market. Volume spike is also confirming that the the movement is genuine. But the rest few days are crucial to decide whether BitTorrent will be sustain their police trend or not