After recording a milestone price increase, BitTorrent (BTT) crashed by 40%


The trader who bought the highest price of BitTorrent thinks Tokens backed by Justin Sun Will continue to pump water, and is now facing huge intraday losses.

The BTT/USD exchange rate plummeted by more than 40% after hitting a record high of 0.0134 U.S. dollars, questioning the catalyst that prompted BitTorrent to explode in the first place.Earlier, NewsBTC had Issue an alert about the lack of specific basic factors That should have been supporting the price rebound of BTT. extract:

“Traders may sell off part of their BTT holdings to ensure maximum profit. This may push the token to the next downside target lurking near its 20-4H exponential moving average (green wave). If you make a profit With intensified take-off, BTT will fall to the blue wave target of -50-4H simple moving average. This will wipe out almost most of BTT’s profits in 2021.”

BitTorrent has fallen more than 40% from a record high. source: BTTUSD on TradingView.com

Except for one factor, the so-called Altcoin seasonOr altseason, trying to justify the benefits of BTT to a certain extent. Altseasons pointed out that the growth of digital assets is comparable to the top cryptocurrency Bitcoin.Another cryptocurrency, BitTorrent, grows almost simultaneously with other altcoins including Ethereum, Binance, etc. coin, Litecoin, XRP and other currencies indicate that the bulls are only in an upward frenzy.

Is BitTorrent still bullish?

BitTorrent’s downward correction has not offset its long-term bullish bias. Since the beginning of the year, the BTT/USD exchange rate has still risen by more than 3,000%.Although this makes the currency pair extremely overvalued-according to its one-day relative strength indicator readings, the currency pair continues to be frenzied Altcoins The market indicates that it will find conference support in the short term.

The official BitTorrent Twitter channel attempts to emphasize the bullish bias of BTT by announcing a series of development updates. It pointed out that the BitTorrent file system will increase network dispersion by protecting client and server-side tests.

However, after the BitTorrent tweet was released, the BTT/USD exchange rate started to go lower.

It now appears that BitTorrent may find support in its 20-4H moving average or its 50-4H moving average. If the token manages to maintain above these levels, the probability of its rebound will still be higher. Otherwise, it may fall to near the February-March support level of $0.001.

Photo by Sven tillack on Unsplash 





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