BitTorrent Token Price: $0.0017 Key BTT resistance levels: $0.002, $0.0022 Key BTT support levels: $0.0014, $0.0012

*Price at the time of writing

BTT price long term trend: Bullish

BitTorrent Token has followed a bullish sentiment after reversing from the long bearish move as the market breaks up the orange 10-day moving average and the pink 21-day moving average which are now facing upward. This revealed the strength of the market as the bulls wax stronger.

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Following the positive move, the BTT price broke up the $0.00128 all-time high two days ago and has climbed tremendously, establishing a new all-time high at $0.00186 earlier today. As of now, the token is trading at $0.00176 with a trading volume of $395.28 million and a market cap valuation of $373.82 million.

If the price continues to surge, the next bullish move could create a new ATH at around the $0.002 resistance. A further rise could lead the bulls to $0.0022. On the other hand, a bearish move may drop the price to the $0.0014 support, near the previous ATH. A further drop is likely to meet support at $0.0012 level.

Additionally, the daily RSI is convincingly revealed at the highest condition, reflecting an overstretched market. A retracement may occur if the bullish move fails to trend higher.

BTT price medium term trend: Bullish

After crossing the orange 10-day MA and the 21-day MA on May 13, BTT appears to be following an ascending broadening wedge formation as the price action respects the trend lines, showing that the bulls have assumed control of the market for over two weeks.

BTT has touched the upper wedge and it appears that the market is pulling back towards the $0.0016 level, where the yellow band lies. Surpassing this level could slump the token to the $0.0014 and $0.0013 supports – last week’s break area.

The bullish scenario is clearly revealed on the 4-hour RSI after rising above the 50 level. At the moment, the BTT market is overbought on the indicator which could lead to a market fall any time from now. As long as the market continues to respect the wedge, we can expect to see a more positive move in future trading.

BTT price short term trend: Bullish

From a short term perspective, BTT has constructed an ascending channel after running a short-term retracement to $0.0012 area, rising the market to the near of $0.0019 before the past 8-hour drop that heads towards the $0.00165 support level.

While respecting the channel, the token is expected to bounce up to the $0.0019 resistance after testing the $0.00165 support. However, if the market breaks out, a bearish surge could locate support at the $0.0015 and below. A bullish break may throw the token at $0.0020 and beyond.

As shown on the hourly RSI, the BTT token is trading at the positive zone of the indicator, revealing the bullish scenario. If the RSI trend drops below the 50 level, the BTT market may be positioned in a bearish condition after breaking out of the channel. For now, the orange 10-day MA and the pink 21-day MA act as defensive lines for the BTT market.