Bitcoin Gold was hard forked from Bitcoin in October 2017 to change the mining algorithm and decrease the centralization of big businesses. It works on Bitcoin’s ticker. It is a decentralized open-source blockchain ecosystem that facilitates peer-reviewed digital transactions. Following BTG technical analysis predicts momentum for the next two days.
On March 31, 2021, BTG started trading at $38.23. On April 6, 2021, the closing price of BTG was $70.84. Thus, in the past week, the BTG price has soared by approximately 85%. In the last 24 hours, BTG has traded between $67.16-$95.51.
Day-Ahead and Tomorrow
Currently, BTG is trading at $87.29. The price has increased from the opening price of $70.85. Thus, the market looks bullish.
The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line has occurred too. Thus, the market momentum is bearish. A price pullback is on the anvil.
The OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. There is bullish divergence here. Hence, we can expect the price to rise further.
Currently, the RSI indicator is at 38%. It faced rejection at 44% and started falling thereafter. Thus, selling pressures are very high. It is a good time for day-traders to go long. Hence, we can expect the price to start declining.
BTG Technical Analysis
As per technical analysis, the price is inching closer to the first Fibonacci pivot resistance level of $88.67. However, since the oscillators are indicating a price pullback, the price may fall up to the Fibonacci pivot point of $77.84 before rising again.
The price will soon test the 23.6% FIB retracement level of $88.82 and break out of it. However, as a price drop is on the horizon, the price may retest and fall below this level in some time. If by day end, if the price tests and falls below the 76.4% FIB retracement level of $73.85, then probably a downtrend has set in. In that case, the bearish trend may continue tomorrow as well.