BTT is getting more attention and a possible boom!
BTT is getting more attention and a possible boom!
I have been following the BTT price movement for almost 6 months, here is part of my analysis in favor of a bullish move for BitTorrent.
As you can see BTT was independent of bitcoin moves and just recently shows a significant correlation (shaded area). This could mean that BTT is getting more attention from the traders in the crypto market and starting to sync its price moves with bitcoin. But this sync happened recently and because of its independent moves in the past, it seems that it might finish its correction before bitcoin.
BTT entered its corrective waves on May 27 while BTC did start its correction a month later on June 26. BTT has met its fib levels for the correction and it seems that it also completed a 5-3-5 zigzag correction pattern. On the other hand, bitcoin first wave had 3 sub-waves and this pushes bitcoin to complete a flat correction or a double three. the second wave in the bitcoin correction had 0.78 retracements which do not qualify the correction to be a flat correction. Wave B in flats usually retraces more than 90% and even more than 100%. Given that bitcoin failed to retest its last high at ~14000 suggests that bitcoin continued its correction as a double three and signaled a more bearish correction. The last 5-wave move downward in bitcoin could be a wave A of an ABC.
Looking at daily RSI for both coins indicates a bearish RSI divergence for bitcoin and a neutral or even slightly bullish RSI divergence for BTT. Just recently BTT formed a bullish RSI divergence in 30 min time frame while bitcoin failed to form a bullish divergence. Both coins are facing supports and resistants from moving averages right now.
Given all the information, it seems that BTT will start a bullish rally while bitcoin completes its downward corrective move toward 0.5 or 0.618 retracement levels and end its correction around 7000 - 8500.
What would this mean for BTTBTC?
BTTBTC will moon as a result and looking at the BTTBTC chart it shows that it just tested its 9 sat for the 3rd time and it held the support. BTTBTC did go to 8 sat which as a result a bullish RSI divergence was formed on the daily time frame. BTTBTC being around 9-10 sat its bullish moves will put it in the top of the green altcoin list and it might even attract more attention.
This analysis is focused on a bullish scenario and I would enjoy receiving counter-arguments from you guys.
I have been following the BTT price movement for almost 6 months, here is part of my analysis in favor of a bullish move for BitTorrent.
As you can see BTT was independent of bitcoin moves and just recently shows a significant correlation (shaded area). This could mean that BTT is getting more attention from the traders in the crypto market and starting to sync its price moves with bitcoin. But this sync happened recently and because of its independent moves in the past, it seems that it might finish its correction before bitcoin.
BTT entered its corrective waves on May 27 while BTC did start its correction a month later on June 26. BTT has met its fib levels for the correction and it seems that it also completed a 5-3-5 zigzag correction pattern. On the other hand, bitcoin first wave had 3 sub-waves and this pushes bitcoin to complete a flat correction or a double three. the second wave in the bitcoin correction had 0.78 retracements which do not qualify the correction to be a flat correction. Wave B in flats usually retraces more than 90% and even more than 100%. Given that bitcoin failed to retest its last high at ~14000 suggests that bitcoin continued its correction as a double three and signaled a more bearish correction. The last 5-wave move downward in bitcoin could be a wave A of an ABC.
Looking at daily RSI for both coins indicates a bearish RSI divergence for bitcoin and a neutral or even slightly bullish RSI divergence for BTT. Just recently BTT formed a bullish RSI divergence in 30 min time frame while bitcoin failed to form a bullish divergence. Both coins are facing supports and resistants from moving averages right now.
Given all the information, it seems that BTT will start a bullish rally while bitcoin completes its downward corrective move toward 0.5 or 0.618 retracement levels and end its correction around 7000 - 8500.
What would this mean for BTTBTC?
BTTBTC will moon as a result and looking at the BTTBTC chart it shows that it just tested its 9 sat for the 3rd time and it held the support. BTTBTC did go to 8 sat which as a result a bullish RSI divergence was formed on the daily time frame. BTTBTC being around 9-10 sat its bullish moves will put it in the top of the green altcoin list and it might even attract more attention.
This analysis is focused on a bullish scenario and I would enjoy receiving counter-arguments from you guys.
Comment:
updating the wavenumbers for BTT:
the whole 2345 waves in the previous count can be updated to a complete wave 3 and then the last move up would be a wave 4 and now we are finishing the 5th wave. this update can be supported with many fib levels and also the monthly support which they all point to 8250 sat. failing to break above the daily resistance was a signal to update the wave count. we still have not deviated from the original analysis. Both BTC and BTT are standing above their respective monthly support. if the assumption that BTT correction is finishing early but BTC correction will continue is still true then the final confirmation would be BTT holding the monthly support and BTC breaking it. Lets see if this last confirmation is happening or not!
the whole 2345 waves in the previous count can be updated to a complete wave 3 and then the last move up would be a wave 4 and now we are finishing the 5th wave. this update can be supported with many fib levels and also the monthly support which they all point to 8250 sat. failing to break above the daily resistance was a signal to update the wave count. we still have not deviated from the original analysis. Both BTC and BTT are standing above their respective monthly support. if the assumption that BTT correction is finishing early but BTC correction will continue is still true then the final confirmation would be BTT holding the monthly support and BTC breaking it. Lets see if this last confirmation is happening or not!
Comment:
BTT stopped correlating to BTC and for the past couple of days, it has shown many other confirmations. It has finished the 5th wave of the 5th wave of the correction. Also, the volume has been growing. RSI convergences in 4h, 1h, 30min are formed.
The only confusing part is the waves of the BTC. While the probability of bearish wave is still high but the wave structure is getting a bit confusing for me. As I mentioned in previous comments, the analysis is for a bearish wave of the BTC and bullish wave for BTT which makes the BTTBTC go to the moon. Next week this analysis has to conform or falsified. Let's see if BTT is going to the moon or not!
The only confusing part is the waves of the BTC. While the probability of bearish wave is still high but the wave structure is getting a bit confusing for me. As I mentioned in previous comments, the analysis is for a bearish wave of the BTC and bullish wave for BTT which makes the BTTBTC go to the moon. Next week this analysis has to conform or falsified. Let's see if BTT is going to the moon or not!
what do you think?