Since its launch more than a month ago, the BitTorrent (BTT) price has been slowly fading away, despite trying to stabilize at around $0.000755. Charts are forming a pretty clear descending triangle pattern which is a bearish setup.
However the overall market can influence BTT greatly, the last two weeks of sideways trading are hinting that a break is imminent.
We have seen a false breakout on March 11 when BTT tried to break the high trend line but failed to do so, losing much of its recent gains in the subsequent hours.
Normally, when the triangle pattern gets this tight a clear break will occur, in this specific case, it will probably take less than 1 week to do so. Then again, BTT is still extremely new on the market and Justin Sun is apparently doing everything he can to help BitTorrent succeed.
To celebrate #BTT & #USDT–#TRON success, I am planning a $20m free cash airdrop. Good news-it's coming, bad news-I may decide to give away more! First, I will randomly pick 1 winner for a #Tesla up until 3/27! To apply, follow me and RT this tweet! Simple! #Blockchain pic.twitter.com/wFyzwtB3ur
— Justin Sun (@justinsuntron) March 12, 2019
The current support of $0.0007123 seems to be holding so far with another one forming slowly, however breaking this low wouldn’t necessarily mean a total break and we could see another fakeout. The last lower high remains at $0.0007929 since the fakeout should not be considered a higher high.
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