BTT made a textbook breakout from a falling wedge pattern on the daily but got stopped fairly quickly. It ranged a bit before rallying all the way up to 18 sats before coming tumbling back down to 14 sats and bouncing mildly to the current 16 sats.
If we apply Tom DeMark’s TD Sequential indicator on the chart, we see an interesting signal. This indicator serves the purpose of identifying a price point where an uptrend or a downtrend exhausts itself and reverses. TD Sequential indicator consist of two components. TD Setup is the first one and it is a prerequisite for the TD Countdown – the second component.
TD Sell Setup requires at least 9 consecutive closes are higher than the corresponding closes 4 trading days earlier (Close[i] < Close[i − 4]; Index: i ~ Current Bar). BTTBTC closed the 9 price bars and the trend reached an inflection point. Once this point is reached, the price action will either reverse (more likely in case of Bittorrent) or, in case of a rampaging bull run (less likely), continue with the second part of TD Sequential – TD Countdown that would mean additional 13 candles that count the number of days in which the close is lower than the low 2 days earlier.