BitTorrent Retrace Likely To Be Over (Next Up Wave Starts Soon)

AlanSantana Updated   
BitTorrent (BTTBTC) retraced all the way down to 14 satoshis after hitting a 22 satoshis peak on the 28th of May... We believe that this might be the bottom of the retrace, so a new up wave might start soon.

Feel free to hit like now to show your support... If you want to, and allow me to entertain you a few minutes with this analysis.

The BTT chart is pretty simple, once BitTorrent is able to break above the brown dashed trendline, it can resume its move up.

Our recommended buy-in was at 10 satoshis and our stop-loss a close below 7 on the weekly time frame. we collect profits on the way up.

As we sell, if we have the experience, we wait for the retrace and rebuy and reload for higher profits.

Now, you must have a plan also for when you rebuy and reload because it isn't guaranteed that the price will move higher. What happens if you rebuy in the 15-18 satoshis range, but then BTTBTC moves lower?

You can set a stop-loss on a daily close below 13 satoshis, for example, depending on your trading plan and strategy. If the daily candle closes below this level, then you sell to buy back lower at the "full trade" recommended buy-in price.

You can also choose to buy more, lower and accumulate for long term gains.

Here you can find our full trade for BitTorrent (BTTBTC):
Let's take a look at some of the signals:
  • We are now seeing trading volume increasing after a new low was hit today at 14 satoshis.
  • BTTBTC is now challenging EMA50 (15 satoshis). If it closes above it on the daily time frame, go to 16 or higher, that's another bullish signal.
  • Still trading below EMA10, so it has bearish potential. We are looking for the close above these two to confirm that the retrace is over, but the volume increase is an early signal that it might be. A close above EMA10 turns BTTBTC from bearish to bullish short term. We remain bullish long-term and we are in profits.
  • 14 Satoshis is also the low that was hit on the 26 of May. After this support was hit it BTT moved up.
  • Looking at the shorter time frame, 4H, I can see bullish divergence on the MACD and a bullish RSI (above 50) which supports the early signals that we are seeing on the daily.

Load up on BitTorrent (BTTBTC), but have a plan when you do.

Thanks a lot for reading... Continue below for the daily phrase...


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Previous analysis:
I am getting the feeling that BTTBTC will have a strong move soon... Not enough signals coming from the charts to support this feeling, but BTTUSDT is already showing signs of an upcoming move up...

Trading above resistance (BTTUSDT):
I'll be taking another looks at BTTBTC soon, the trendline wasn't broken and we went lower.

I'll come back with a full update as the chart is now.

Thanks a lot for the support.

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