BitTorrent Price Analysis BTT / USD: Bearish Bleeding Staunched
But the wound hasn't healed yet.
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- BitTorrent has a bullish short-term outlook, with the BTT / USD pair bouncing from key support on the four-hour time frame
- The four-hour time frame shows that a bearish head and shoulders pattern has formed
- The daily time frame highlights the scale of the recent bearish correction in the BTT / USD pair.
BitTorrent / USD Short-term price analysis
BitTorrent has a bullish short-term trading outlook, with the BTT / USD pair staging a strong recovery from major technical support on the four-hour time frame.
The four-hour time frame is showing that a large head and shoulders pattern has taken shape following the recent technical rejection from the BTT / USD pair’s 2019 trading high.
Technical indicators on four-hour time frame remain bullish and continue to generate a buy signal.
Pattern Watch
Traders should note that the BTT / USD pair may be forming a right-hand shoulder to complete the head and shoulders pattern on the four-hour time frame.
Relative Strength Index
The Relative Strength indicator on the four-hour time frame is bullish and shows scope for further upside.
MACD Indicator
The MACD indicator on the four-hour time frame is bullish and continues to generate a strong buy signal.
BitTorrent / USD Medium-term price analysis
BitTorrent has a neutral medium-term trading bias, following a strong downward correction from the BTT / USD pair’s all-time trading high.
The daily time frame is also showing that a head and shoulders pattern has formed, with the May 2019 trading low the downside target for the bearish pattern.
Technical indicators on the daily time frame are currently neutral and failing to generate a clear trading signal.
Pattern Watch
Traders should note that the May 22nd swing-low offers the strongest form of near-term technical support if price moves below the neckline of the bearish head and shoulders pattern on the daily time frame.
Relative Strength Index
The Relative Strength indicator on the daily time frame is trading close to neutral territory and is failing to generate a clear trading signal.
MACD Indicator
The MACD on the daily time frame is conflicted, with the MACD signal line issuing a bearish signal, while the MACD histogram is correcting higher.
Conclusion
BitTorrent has finally attracted technical buying interest after enduring a prolonged bearish correction.
The bearish patterns across both time frames continue to offer a warning of a much stronger move lower if bulls fail to convincingly move the BTT / USD pair away from the danger zone.
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