What’s Happening This Week
Today we’ll be talking about the BitTorrent token, but first let me give you a quick rundown of my thoughts. This week has brought in some more volatility to both Bitcoin & altcoins. I’ve mentioned on my blog that I’m currently only holding Ethereum & I still believe that there is potential for it to make some more gains. The only other altcoin trade that I have decided to pick up currently is the BitTorrent token and this will be a short term trade, I’m not interested in investing in this coin. But I do believe the BitTorrent token has a potential to make a run.
On may 17th BTT was able to break out of a descending wedge and was able to run from 9 sats to 16 sats before trading sideways for a bit. This is what grabbed my attention & what I consider to be a good trading opportunity. The volume was present to back-up the move & volume continued to flow as days went by.
I’m currently still holding onto my position, I think it still has the potential to run much higher. If we look at the comparison between Raven & BTT we can see how much further Raven was able to run. I’m not sure if BTT will be able to make such huge gains but currently it’s still holding positive structure and has the volume to back it. There are a couple of things to watch out for though, if BTC decides to dump this could prove to be bad news for this trade. I have my stop less set & if it hits it I’ll be out of my trades, I’ve got some room to play with it but will respect my stop loss if it hits it.
There are some pretty high targets for BTT right now, volume is some what there but we’ll need a boost to really get this trade going.
Target 1: 23
Target 2: 27
Target 3: 34
Will we get those targets? It’s never guaranteed but as it stands right now the trade looks like it is on. If we fall below 12 sats then we could be in trouble. Either way I have my stop set & if that breaks I’m out of this trade and will let the chart show me the way from that point on. Not all trades can be winners.
If you enjoyed reading this post consider following the blog for more updates on the market!