Bitcoin Gold Price Prediction: BTG Bulls Noted Out-of-the-Box Monthly High, But Failed to Hold

  • The Bitcoin Gold (BTG) coin has been showing sideways under a box pattern for the past few 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% at 0.001082 satoshis.

The king of the crypto market, Bitcoin, has been hovering around the $20K level for the past few days. Buyers continue to be disappointed as the price of BTC cannot go any higher. The results can be seen in Bitcoin Gold (BTG) coins. BTG price is trending down after July price rally.

The Bitcoin Gold (BTG) coin looks bullish in this week’s intraday trading session. As the price of BTC is trading at the $20.9 mark against the USDT pair, with a gain of 3.05% at the time of writing. Also, the bitcoin gold coin belonging to the bitcoin pair is up 4.21% at 0.001082 satoshis.

On a 4 hour price scale, buyers have been struggling with a sideways trend for the past few days. This accumulation phase occurs above the previous low of $14, which suggests that the BTG price trend is still up despite the downtrend. If the buyers fail to sustain the asset above the box pattern (above the chart), the price is likely to revisit the bulls’ hedging zone near the $14 area.

On the hourly price charts, the bulls are trying to flip the 200-day moving average as a short-term support level. Although the bulls are looking offensive tonight and noted today’s high at the $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 rack up higher prices. However, 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, the trading volume increased by more than 520% ​​in the last 24 hours. Similarly, the market capitalization looks 3.55% higher overnight at $368.7 million according to CMC.

On the daily price scale, the RSI indicator moves towards the half line (50 points) after recovering from the oversold zone.

conclusion

Bitcoin Gold Coin (BTG) is looking strong according to today’s gains. Buyers expect the weekend to move above the box pattern. If the buyers close today’s price candle above the chart, the game could be more in favor of the buyers. The 200-DMA for bitcoin is well above the current price of the gold coin, 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 anyone named in this article, are for informational ideas only and do not constitute financial, investment or other advice. Investing or trading in crypto assets carries a risk of financial loss.

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