Bitcoin Gold Price Prediction: BTG Bulls made a monthly high out of the box but failed to sustain
- The Bitcoin Gold (BTG) coin has appeared sideways under a box pattern in recent days.
- The bulls are trying to break above the 200-day moving average on the 4-hour price chart.
- The bitcoin gold coin belonging to the bitcoin pair is up 4.21% to 0.001082 satoshis.
Crypto market king Bitcoin has been hovering around the $20K level for the past few days. Buyers continue to be disappointed as the price of BTC is unable to move higher. The results can be seen on Bitcoin Gold (BTG) coins. The BTG price is trending downwards after the price rally in July.
Bitcoin Gold (BTG) coin looks bullish in this week’s intraday trading session. Since the BTC price is trading at the $20.9 mark against the USDT pair, with a gain of 3.05% at the time of writing. Furthermore, the bitcoin gold coin belonging to the bitcoin pair is up 4.21% to 0.001082 satoshis.
On a 4-hour price scale, buyers have struggled with a sideways trend in recent days. This accumulation phase occurs above the previous low of $14, suggesting that the BTG price trend is still bullish despite the downtrend. If buyers fail to sustain the asset above the box pattern (above the chart), the price is likely to return to the bulls’ hedging zone near the $14 zone.
In hourly price charts, bulls try to turn the 200-day moving average as a short-term support level. Although bulls are looking on the offensive tonight and they posted today’s high at $23.54 level.
In the context of the daily price chart, buyers try to move asset prices above the 20-day moving average as their first achievement. Above this moving average, buyers can accumulate higher prices. Still, the 200-DMA bitcoin is well above the current price of the gold coin.
Bull markets look intense and aggressive for the bull run. As a result, trading volume increased by over 520% in the last 24 hours. Similarly, the market capitalization looks 3.55% higher overnight to $368.7 million according to CMC.
On the daily price scale, the RSI indicator is moving towards the halfway line (50 points) after recovering from the oversold area.
Conclusion
Bitcoin Gold Coin (BTG) is looking strong according to today’s gains. Buyers are waiting for the weekend to move above the box pattern. If the buyers close the day’s price candle above the chart, the play could be further in favor of the buyers. Bitcoin’s 200-DMA is well above the bullion’s current price, which could act as a resistance.
Support level – $20 and $14
Resistance level – $28 and $40
Disclaimer
The views and opinions expressed by the author or any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
