OMGBTC looks pretty similar to the rest of the atlcoins’ charts. It is cemented in a descending triangle, losing value with every day while breaking mid-term and short term floors and support lines to stoop to the current low of 25k satoshis. This is awfully close to its all time low in BTC that it recorded in the first weeks of it publich trading back in July 2017. OMG was worth 21k satoshis at that time.
When and where will this anguish stop? That is bitcoin’s decision, not OMG’s.
Considering that market is completely focused on bitcoin’s fight with the $6k height, altcoins are rotting on the racks and waiting for their season to commence. While that wait goes on, OMG and other altcoins slowly lose value to BTC and go back to their all time lows. Entering OMG right now would be a textbook example of “catching a knife” trading move as there seems to be a lot of room to travel downwards before hitting the support and rebound zones.
Our approach in situations similar to this one, would be a tiered entry position, where you buy a chunk at these prices and set other buy bids right above the significant support lines.
BTTBTC chart is still not looking – BTT has now dropped below the support zone at 13 sats and is essentially forming its all time low, currently floating around 10 sats. There needs to be a surge in volume to lift BTT up in a significant move. Holders can now only hope that Justin Sun pulls out one of his signature marketing stunts that will inject some life in both TRX and BTT.
As for the potential of reversal because of the very tight falling wedge that has formed on the daily – we will wait and see if it pans out well in combination with the pending airdrop on May 11th. The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the lines converge.
Airdrop could, on the other side, be detrimental for BTT if the airdrop receivers choose to sell their newly received tokens immediately. That would pour in additional selling pressure into already weak buying volume and strong selling volume.
Considering that market is completely focused on bitcoin’s fight with the $6k height, altcoins are rotting on the racks and waiting for their season to commence. While that wait goes on, BTT and other altcoins slowly lose value to BTC and go back to their all time lows. Entering BTT right now would be a textbook example of “catching a knife” trading move as there seems to be a lot of room to travel downwards before hitting the support and rebound zones.
Trading volume is relatively good – reported volume in the last 24hrs is $6.7m (the strongest volume day in April for BTT was April 18th with $164m).
In the last 24 hours, 32% of trading has been on IDEX, followed by Binance, LAToken and DigiFinex. Most traded BTT pair has been BTTUSDT – 94%.
Moreover, BTT has a very strong buy support, according to coinmarketbook.cc. Buy support is measuring sum of buy orders at 10% distance from the highest bid price. This way we can eliminate fake buy walls and whale manipulation and see the real interest of the market in a certain coin. BTT currently has a $4.9m of buy orders measured with this method, which sets BTT buy support/market cap ratio at 3.43%, a wide-market leading value. Bitcoin and Ethereum have a 0.27% and 0.28% ratios, respectively.
Considering that bitcoin is making moves, we are very likely to see a suspense of all altcoins – it is wait and see game right now. BTT got no favors from its leading figure, Justin Sun who keeps rubbing the whole crypto community the wrong way. Markets are widely less reflexive on speculations and unsubstantiated claims which was the biggest propelling force of Sun’s project: TRX and now BTT.
Even though BTT is attractive price-wise, fundamentals are extremely weak and entering into a position with this project would be a very risky move.
Bitcoin Cash Analysis
Unlike majority of other altcoins’ charts, BCH looks somewhat positive. On the daily BCHUSD, you can see that all major support lines are still respected and BCH stood its ground. While we don’t know how long this alts winter continues (probably until BTC settles comfortably on these newly conquered heights), BCH is certainly one of the coins with best setup to rally once alts get the green light from the market.
BCHBTC also looks ok, but BCH did slip under the ascending trendline it formed and respected back in March. It is right now sitting at EMA50, indecisive where to move next. If it drops lower, next support is a strong one, at 0.031 BTC where BCH spent most of February and March of this year.