Bitcoin Gold Price Analysis – BTG/USD
The 25th largest cryptocurrency – Bitcoin Gold with its current market cap stands at the level of $230,472,547, 05:26 UTC on December 19 has slashed in current value by 58.75% relative to the level of November 06 as analyzed from the graph above. Let us not forget that the entire crypto market has been experiencing a plunged in current values, however, those with the innovative value-added models in place are reigning over their competitors by replacing and ahead of them. The major caused for the decline in current value for this cryptocurrency is due to the strong bearish pressure that makes it the lowest low of the day before exhaustion set in.
As we can analyze that since both moving averages have significantly declined representing a negative sign. While the 20-day EMA shows that the bears have the upper hands as the BTG remains in a bearish trend in its medium-term outlook until the next “uptrend” takes place. There are no bullish patterns that suggest a buy; hence, it is best to remain on the sidelines. However, at present, those involved in trading activities should wait for the trend to rebound and a bottom to form before initiating any long positions in it. The 20-day EMA is sloping down which shows that the balance is tilted in favor of sellers. Amid this, the others, who believe in the story of blockchain and cryptocurrencies, the current fall offers an excellent opportunity to invest for the long term.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The BTG remained range bound from October 12 to November 05 this year, as the cryptocurrency rallied from a low of $23.966 to a high of $32.68 which is a 36.35 percent return within 24 days.
Besides this, the BTG stayed in the range of $23.82-$32.54 from October 11 to November 20 as we can quickly analyze from the graph above, and since then the bears broke it and fell like a stone till date.
Let us not forget that if bulls succeed in rising and sustaining above the current resistance level $13.385 (05:40 UTC) and create “uptrend” in value (i.e. traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $15.
The ‘descending channel’ represents the fact that how the current scenario experienced ‘downtrend’ in value. Even though the moving averages continue to fall, the 14-day RSI has been forming a “positive divergence” for the past few days. This is a bullish sign.
Bitcoin Gold is a community-led project to create an experimental hard fork of Bitcoin to a new proof-of-work algorithm. The purpose of doing this is to make Bitcoin mining decentralized again. Bitcoin Gold, BTG, is a cryptocurrency that began in 2017 as a fork of the Bitcoin blockchain.