It is typically considered an extremely bearish sign when an asset fails to increase despite the market for the asset class recording significant price increases.
This has been the case in both BitTorrent and Chainlink which have been failing to record strong price performances despite the cryptocurrency market recording its strongest price action in months.
BTT has been recording weak price action while all top cryptocurrencies underwent significant surges early last week.
The price of BTT did record a small increase at the start of last week but failed to overcome resistance at $0.00083.
The price action this week has mostly recorded Doji candles on the daily, but a significant drop has been recorded today in line with drops taking place in other top cryptocurrencies.
The price was finding support at $0.00075 but has dropped below this level today after a number of tests earlier in the week.
$0.00071 to $0.00075 was an area of consolidation during the initial increases upon BTT launching, and $0.00071 may provide some support which it has done in past price action.
Both the longer-term and shorter-term MACD and RSI are decreasing reflecting high amounts of selling pressure.
LINK has been recording similar weak price action.
The price dropped beneath expected support at $0.536 on Tuesday, a level which provided support during drops last week.
The price of LINK did react more bullishly to the initial increases than BTT.
LINK formed an all-time-high slightly above $0.60 amid the increases but has since formed a lower high and started significantly dropping.
Both the MACD and RSI are decreasing on the daily chart reflecting high levels of selling pressure.
The 4-hour chart illustrates that the steepness of the drops is increasing.
This is how parabolic moves start and could indicate that a further significant drop may be in store for LINK.
The RSI has also formed a steeper lower high reflecting that the amounts of selling pressure are also increasing.
The next key level to monitor for LINK is $0.475 which has acted as both support and resistance in prior price action.
- Bearish price outlooks for both BTT and LINK as both fail to record price increases despite the cryptocurrency market increasing.
- Both the RSI and MACD on the longer and shorter term timeframes for both have been decreasing reflecting higher amounts of selling pressure.
- The next key support level to monitor for LINK is $0.475 and the next key support level to monitor for BTT is $0.00071.
Latest BitTorrent & Chainlink News:
BitTorrent Token [BTT] & Chainlink [LINK] Price Analysis – BTT Underperforms Amid Crypto Market Rally
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Bearish Price Action From BitTorrent and Chainlink [Price Analysis] was originally found on Cryptocurrency News | Tech, Privacy, Bitcoin & Blockchain | Blokt.