BTG Technical Analysis: Overnight Growth Starts Bull Run
As we know all know, as bad as it already is, Bitcoin remains trapped near $30K, while some altcoins outperform BTC and break above long-coming resistance trendlines. One such coin which we will discuss today is Bitcoin Gold.
Founded in 2017, BTG is a user-friendly alternative to Bitcoin that aims to combine the security and sturdiness of the Bitcoin blockchain and its characteristics with the opportunity for experimentation and development.
Overnight we saw an increase in Bitcoin Gold demand resulting in a sharp reversal after a downtrend. However, the questions about its sustenance remain unanswered.
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Let us start with the market values, BTG's current market price today is $24.04 at 5:30 GMT, with a rise of 20.15% in the past 24 hours. This demonstrates a high momentum bullish trend coming back in action.
Reviewing the previous performance of BTG following the drop of 60% last month, it needed the support level of $17.50. After this break in the correction phase, buyers instantly took over the trend, resulting in an increase in trading volume and buying pressure, which resulted in the 28% long bullish candlestick that engulfs the candlestick.
Shifting our focu towards more graphical area, so ets see what lies ahead for BTG.
https://www.tradingview.com/x/HKwDpbDw/
The trend can be accelerated because of an upward double bottom that formed around approximately the $17.50 mark, where the price rise of the previous night is above the neckline and prior swing lows of $22.25. First, however, the upward trend must be able to surpass the 50-day EMA which refers to the line in red that is located near the $26.55 mark.