BitTorrent [BTT] began showing signs of an upward trend, breaking out of its range towards the end of August. Despite retracing back into the range formation, its bullish prospects remained strong.
Significant trading volume raised holders’ expectations of an imminent upward move. The Fibonacci levels indicated potential targets, with a positive Bitcoin [BTC] outlook also favoring BitTorrent.
Selling Volume Reflects Market Sentiment
On August 20th, BTT experienced a surge in trading volume, breaking through the mid-range resistance level. Two days later, it broke out of the range, recording a 35.5% increase over four days of bullish price movements.
Subsequently, the 61.8% retracement level was tested. Interestingly, the trading volume during the downward movement was minimal. A price rebound back to the range high was observed the day before the current press time.
The On-Balance Volume (OBV) surged once again, indicating likely bullish market control. The daily Relative Strength Index (RSI), registering a reading of 60, confirmed strong momentum.
The upcoming targets are set at extensions beyond $0.00000112.
Shift in Social Media Sentiment Needed
In the speculative trading sphere, bullish sentiment prevailed over the past week as BitTorrent tokens experienced notable gains. This trend was highlighted by a spike in Open Interest during the rapid price appreciation.
However, social media engagement has been relatively negative in recent days. Data from Santiment’s Weighted Sentiment metric revealed unfavorable social media sentiment amidst the price decline.
Given that it is a 3-day average, the positive engagement resulting from the recent price surge will take a couple of days to reflect on the indicator. Social volume has also witnessed an uptick.
Overall, the combination of trading volume and the recent breakout has set the stage for further gains.
Disclaimer: The information provided is the writer’s opinion and does not constitute financial, investment, trading, or any form of advice.