Update on my last analysis
Fundamentals:
On February 21st, Binance launched a trading competition on BTT, which may have a high impact on it's trading volume.
This news invalidated the short term part of me previous analysis, as it's a high impact news that comes from outside the realm of Technical Analysis.
The immediate impact of the news sent BTT's price straight back at the Descending Trendline.
Mid/Long Term Bias remains the same.
Unless the market in general sees significant bearish moves, I still believe BTT is set to keep rising as it's freshly out.
The Binance trading competition also provides over normal trading volume, helping the price to go up.
Technicals:
We have not breached through, retested and rejected the Descending Trendline.
This plus the fact that we never even retested the bottom of our triangle (The Ascending Trendline) leads me to believe that we have power bullish pressure on BTT right now.
I am personally Bullish on BTT as of now, most likely until the Binance BTT Trading Competition ends.
Overall:
Short Term Bias: Long
Mid/Long Term Bias: Long
**This is not financial advice. Do your own due diligence.
Fundamentals:
On February 21st, Binance launched a trading competition on BTT, which may have a high impact on it's trading volume.
This news invalidated the short term part of me previous analysis, as it's a high impact news that comes from outside the realm of Technical Analysis.
The immediate impact of the news sent BTT's price straight back at the Descending Trendline.
Mid/Long Term Bias remains the same.
Unless the market in general sees significant bearish moves, I still believe BTT is set to keep rising as it's freshly out.
The Binance trading competition also provides over normal trading volume, helping the price to go up.
Technicals:
We have not breached through, retested and rejected the Descending Trendline.
This plus the fact that we never even retested the bottom of our triangle (The Ascending Trendline) leads me to believe that we have power bullish pressure on BTT right now.
I am personally Bullish on BTT as of now, most likely until the Binance BTT Trading Competition ends.
Overall:
Short Term Bias: Long
Mid/Long Term Bias: Long
**This is not financial advice. Do your own due diligence.