- The BitTorrent price closed the previous day’s trade at INR 0.00007032 with a market capitalization of INR 65.73 billion and a circulating supply of 934,782.63 billion
- The asset after the fresh price slash has landed itself in a decisive phase where-in a rebound may assist the price to rise by 6% else a drop of equal magnitude is imminent
|Current Price||INR 0.00006831|
|Market Cap||INR 63.80 billion|
|Circulating Supply||934,782.63 billion|
|Max Supply||990 billion|
|Vol (24H)||INR 3,802,145,862|
Additional Read: How BTTC Crypto Works?
BTTC Technical Analysis for July 2022
Technical Analysis at a Glance
|Short-Term||BTTC price with the recent slump has dropped to the lower support and may slice through these levels to validated the bearish trend|
|Mid-Term||After displaying a fakeout, the price is now heading towards the lower support that may fail to hold the price|
|Long-Term||Bearish pressure has been accumulated finely but the bulls are attempting very hard to sustain above the support levels|
Impact of Crypto Crash on BTTC Price
The crypto crash 2022 that began during the last few days of 2021 has impacted every crypto asset. The asset rebranded in early 2022 which woefully failed to induce a bullish momentum. Further, owing to a couple of negative events, the asset dropped heavily by more than 70%. However, the bulls did attempt to stabilize a significant upswing but failed miserably.
On the other hand, the year 2022 is not less than a nightmare for the Indian traders as they are facing tough times with the newly implemented tax policies. The Indian government introduced a 30% tax on the profits and 1% TDS on every transaction in the spot and futures market. This has dried up the volume in the exchanges heavily.
Technical Indicators & Pivot Levels
|Indicator||Value (STF/HTF)||Action (STF/HTF)|
|Relative Strength Index(RSI)||39.32 / 46.47||Sell / Neutral|
|MACD||0.00 / 0.00||Neutral / Neutral|
|Average Directional Index(ADX)||68.86 / 31.58||Sell / Sell|
|Ultimate Oscillator||34.51 / 44.05||Sell / Sell|
|Bull-Bear Power||0.00 / 0.00||Neutral / Neutral|
|Moving Average||Short Term||Long Term|
|MA 5||INR 0.00068||INR 0.00079|
|MA 10||INR 0.00069||INR 0.00079|
|MA 20||INR 0.00070||INR 0.00079|
|MA 50||INR 0.00071||INR 0.0016|
|MA 100||INR 0.00072||INR 0.0016|
|MA 200||INR 0.00070||INR 0.0016|
BitTorrent price is notably bearish in all time frames as the asset has dropped significantly and most of the indicators point towards a ‘sell’ signal. The RSI in both the time frames is plunging hard towards the lower support leaving no room for the bulls to regain their power. While the MACD & Bull-Bear power continue to remain neutral, the asset may continue to consolidate within a descending pattern for a longer time.
Check latest BTTC INR Price
BitTorrent (BTTC) Analysis for Short Term
- The BTTC price is trading within an ascending triangle in the short-term and hence the asset could rebound from the lower support
- With a rebound, the price may display a short-term bounce towards the upper resistance and again face a rejection
- On the contrary, if the asset fails to rebound from the current levels, the price may drop heavily by another 6% to 8%
- However, after a drop the asset appears to be primed to rebound finely and range back towards the upper resistance
Additional Read: BTTC Price Prediction
BitTorrent (BTTC) Analysis for Long Term
- The BTTC price after breaking put from a huge falling wedge had successfully broken out from the pattern and rose high
- Despite the current bearish trend, the asset is swinging within a rising parallel channel that appears pretty bullish
- The price after visiting the lower support is expected to rebound and range high by nearly 12% to 15% throughout the week
- However, testing the resistance may result in a rejection towards the support, but the ascending consolidation may be maintained
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Is BitTorrent bullish or Bearish?
BitTorrent is currently bearish in the short term while bullish in the long term.
What is the current RSI for BTTC?
The RSI is bearish in all the time horizons with 32.72 in the small time frame and 29.98 in the higher time frame
Is it a good time to buy BitTorrent?
The crypto space is currently bearish and primed to rebound finely in the coming days. Therefore, its always a good idea to invest in a bear market with proper research & study.
*Prices as of 12th July, 2022
Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.