alanmasters

BitTorrent Daily Update - Sideways Action (We Remain Bullish)

BINANCE:BTTBTC   BitTorrent / Bitcoin
Our recommended buy-in for BitTorrent ( BTTBTC ) is sitting at 22-24 satoshis, this is the buy-in range that I gave for our active trade.

Right after I shared this trade, BTTBTC took off and hit two targets for 39% profits. (The first round generated us 130%+ profits)

You can see this active trade here:

(First round can be seen here):

So, where do we stand now?

We have a rule of thumb that we follow after hitting our targets for our active trades. We normally sell a portion of our holdings at each target. When you have experience and become a more advanced trader, we start to use the buy-back -lower strategy.

This strategy consists of selling on target and buying back at a lower price to enjoy additional profits on the way up.

Obviously, this can increase the overall risk of the trade (if the price goes down rather than bounce), but more risk also translate into higher potential rewards.

As a rule of thumb, we buy back 15-35% below peak price reached. In the case of BTTBTC , the peak price was 32 satoshis, we would be looking to buy back around the 23-27 satoshis range.

Now, this is a huge range, 15-35%, but this is just a general number as many conditions apply as to when it is the best time to buy back.

Depending on the altcoin/asset, the momentum, how big is the impulse, market cycle, and other features, we make our decision, but here I can only give you the overall idea.

So we hit our second target and collect profits, selling only a portion and leaving the rest for higher targets but now we have the option to buy again.

We wait for the retrace to be completed and we buy before the next break.

As I mentioned several times in the past, BTTBTC is a long term winner. So we remain bullish long term no matter what happens; this is purely based on experience and the information we've gathered from the charts in the past few days.

Now, let's get to the analysis:

  • BTTBTC is now on a small retrace and what happens next depends on price action.

  • Before we get started, our trade remains active and in profits. This information is extra and valid only for those looking at shorter-term price movements and for new entries. If you are already positioned from when I gave my first signal, all you have to do now is wait patiently and read this stuff for your own learning and entertainment or to open new positions if so you wish.

  • There isn't much volume on the retrace. If BTTBTC were to go down here, after its second push, then the volume would be higher. So we focus on sideways-bearish short term in order to complete the retrace.

  • This retrace first aims at 24 satoshis as the main support. Only if this level breaks we look for 22 satoshis and finally 18. For now, this is the lowest BTTBTC can go. If anything develops on the chart, you can leave a comment and I'll post an updated analysis.

  • So looking at our support, we focus on the move up next. We have 27 satoshis as the main resistance. Anything above 27 satoshis gives us more bullish potential. Anything below 24 gives us bearish potential. Between these two, 24-27, sideways consolidation can happen before the next move.

Overview:

  • Retrace followed by consolidation.

  • Expect some short term bearish-sideways action in preparation for the next move.

  • Immediate support is sitting at 26 satoshis. If this level breaks, we look for 24 satoshis as next support. After that, we have 22 satoshis and a new analysis if it goes lower.

  • Immediate resistance is sitting at 27 satoshis. After that, we have our last peak, 32 satoshis. This level needs to be broken with strength and volume if BTTBTC wants to continue moving up.

  • Now we wait patiently. Sideways action is highly probable.

  • I can post a new update daily. If you are interested in reading those, please hit LIKE and leave a comment so I'll know.

Thanks a lot for reading. I LOVE YOU!

And thanks a lot for the continued support.

This is Alan Masters.

Namaste.
Comment: Take a quick look at Stratis (STRABTC), you might find it entertaining:
Comment: BTTBTC Price bounced from EMA50, which is sitting at 25 satoshis, breaking above EMA10 and the 0.618 Fib. resistance which is sitting at 27 satoshis.

If BTTBTC can remain above this level, 27, it can start to move up again.



- There is also a volume breakout.
- These are just minor details and the main analysis still remains active.

Namaste.
Comment: Litecoin analysis:

Cardano analysis:
Comment: My view for BitTorrent's (BTTBTC) future is something similar to this (hit PLAY followed by LIKE):
Comment: Latest Bitcoin Analysis:
Comment: BTTBTC is moving sideways just as we expected it would do.

We wait patiently until the next move.

Namaste.
Comment: My dear readers, you want a new analysis for BTTBTC?

The above analysis is still valid but I can have a new look at the charts if you like... Let me know in the comments section below.

Namaste.
Comment: New BitTorrent (BTTBTC) Entry/Trade:
Comment: New update for our BitTorrent (BTTBTC) trade:
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Related Ideas

definitely... a new look would be great
+1 Reply
@bitshaark, Done.
Reply
Yesss Please !! :) Thanks!
+3 Reply
alanmasters Coin_Future
@Coin_Future, Done. I hope you like it. :)
Reply
Alan, any update on BTT, what is ur guess on the next few days?
Reply
@jbolduc, My above analysis is still valid. I will share a new one soon.

Maybe tomorrow or on Monday if conditions change!
+1 Reply
@jbolduc, Shared.
+1 Reply
BTTBTC BROKED THE DECENDING TRIANGLE SO AGAIN WE ARE HEADING TOWARDS 20 SATOSHI
Reply
YOU ALWAYS BULISH, THATS WHY YOU ALWAYS WRONG IN PAST YEAR.
+4 Reply
@tommix, You are missing out on lots of profits if that's your view.
Reply
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