Hello Friends,
I decided to have a look today at BTT for the newbs who are bullish because some top author is bullish about BTT. So here is my 2 cents worth.
Looking at the daily we can see a descending price channel that BTT has been locked into. Previously to this channel BTT was locked into another descending channel from 32 sats down to 18 sats (56% loss) before it broke through upper end of channel to reach 23 Sats (28% gain) and from there it plummeted down in a much longer channel to bottom out at 13 sats (another 56% loss). Once bottom was in we saw a push to the upper channel with much volume only to see that the last 2 days momentum has petered out. If BTT breaks this upper channel we can see a probable profit of 28% which is 17 sats and as high as 18 sats. If BTT bounces off the roof of this channel then we can expect it to go down to 11 sats and from here it would be a good buy opportunity, as it will most likely retest the top of this channel.
Please hit the like button if this makes sense to you.
Details on the chart
This Technical Analysis is my humble opinion and should not be used as financial advice or for trading without doing your own research. Please be sure when entering a trade that you do not enter on emotion nor invest money you cannot afford to lose. Decide what kind of trader you are and stick to a solid trading plan with solid entries and exits that consists of stop losses. If you are an investor, then you are a HODLer and should have a good plan on when to exit.
If you need to learn how to trade, there is plenty of free material on the net that would give you all the tools you need in order to start making money vs losing money. Good places to find this information is on youtube, Investopedia, my personal favorite is Forex Training Group. Also you can check out images on the net for Chart Patterns and Harmonic Patterns for quick reference, which I find useful. If you are smart, you will make a word doc and develop your own reference book to refer to from time to time to help you in your own TA.
BTW, there is one top author here on tradingview who is self taught, very successful and accurate. I imagine there is several who could not afford to study and instead used the net... as I have. "Not losing money no more but making slow growth;)
Good Luck!
Your Friendly Neighborhood Tradingview Dude :P
I decided to have a look today at BTT for the newbs who are bullish because some top author is bullish about BTT. So here is my 2 cents worth.
Looking at the daily we can see a descending price channel that BTT has been locked into. Previously to this channel BTT was locked into another descending channel from 32 sats down to 18 sats (56% loss) before it broke through upper end of channel to reach 23 Sats (28% gain) and from there it plummeted down in a much longer channel to bottom out at 13 sats (another 56% loss). Once bottom was in we saw a push to the upper channel with much volume only to see that the last 2 days momentum has petered out. If BTT breaks this upper channel we can see a probable profit of 28% which is 17 sats and as high as 18 sats. If BTT bounces off the roof of this channel then we can expect it to go down to 11 sats and from here it would be a good buy opportunity, as it will most likely retest the top of this channel.
Please hit the like button if this makes sense to you.
Details on the chart
This Technical Analysis is my humble opinion and should not be used as financial advice or for trading without doing your own research. Please be sure when entering a trade that you do not enter on emotion nor invest money you cannot afford to lose. Decide what kind of trader you are and stick to a solid trading plan with solid entries and exits that consists of stop losses. If you are an investor, then you are a HODLer and should have a good plan on when to exit.
If you need to learn how to trade, there is plenty of free material on the net that would give you all the tools you need in order to start making money vs losing money. Good places to find this information is on youtube, Investopedia, my personal favorite is Forex Training Group. Also you can check out images on the net for Chart Patterns and Harmonic Patterns for quick reference, which I find useful. If you are smart, you will make a word doc and develop your own reference book to refer to from time to time to help you in your own TA.
BTW, there is one top author here on tradingview who is self taught, very successful and accurate. I imagine there is several who could not afford to study and instead used the net... as I have. "Not losing money no more but making slow growth;)
Good Luck!
Your Friendly Neighborhood Tradingview Dude :P
Comment:
Clarification to what others are calling this pattern. It is not a descending triangle. It would be nice if it was one, because if it was, then we could see a big explosion upward.
Comment:
Other claim this to be a falling wedge, if it is, then this would be the most likely outcome.
Comment:
OK...so what, I spelled scenario wrong. You get the jest of it vs semantics. Yah it annoys me that I did that. I really try hard to not make any mistakes but human is to err and I am pretty good at being human. :P