Early May Update: Technicals
BTTBTC chart is still not looking – BTT has now dropped below the support zone at 13 sats and is essentially forming its all time low. There needs to be a surge in volume to lift BTT up in a significant move. Right now, it looks that BTT is ranging in trendless gliding along the horizontal support zone with slow outflow of value from it.
However, one could draw a very tight falling wedge and force it on the daily chart, which in combination with the pending airdrop and Justin Sun’s marketing gimmicks could give some life to BTT. The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the lines converge.
One thing to bear in mind is the turbulent and erratic nature of bitcoin – a sudden thrust up or slide down is always on the cards which would invalidate this and all other analysis and predictions. In such cases, market is shaken up with most traders exiting altcoins and entering bitcoin positions, especially in the initial phases of bitcoin pumps. So it is always good idea to keep a close eye on bitcoin’s behaviour before opening a long or a short on any other coin in the market.
Should this happen, stop by again to check out our updated charts and thoughts.
Trading volume is relatively good – reported volume in the last 24hrs is $6.7m (the strongest volume day in April for BTT was April 18th with $164m).
In the last 24 hours, 32% of trading has been on IDEX, followed by Binance, LAToken and DigiFinex. Most traded BTT pair has been BTTUSDT – 94%.
Moreover, BTT has a very strong buy support, according to coinmarketbook.cc. Buy support is measuring sum of buy orders at 10% distance from the highest bid…