Early May Update: Technicals
BTTBTC chart is still not telling us much – BTT is resting on the support zone at 13 sats. There needs to be a surge in volume to lift BTT up in a significant move. Right now, it looks that ranging and trendless gliding along the horizontal support zone are on the menu.
One interesting, bullish interpretation could be that BTT is forming a corrective Elliot wave pattern – ABC as shown on the chart below. However, this is a stretch and more a wishful, bullish thinking.
Trading volume is relatively good – reported volume in the last 24hrs is $9m (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 price. This way we can eliminate fake buy walls and whale manipulation and see the real interest of the market in a certain coin. BTT currently has a $4.9m of buy orders measured with this method, which sets BTT buy support/market cap ratio at 3.43%, a wide-market leading value. Bitcoin and Ethereum have a 0.27% and 0.28% ratios, respectively.
Considering the Tether scandal is still unfolding, we are very likely to see a drain of the whole market, led as always by the declining price of BTC. Should this be the case, BTT and majority of other altcoins are bound to suffer serious losses. When we add another Justin Sun, Bittorrent’s token founder, gibberish he tried to pull of on his other project, Tron (claiming they entered a partnership with Liverpool FC, even though they only received a mass-emailed…