Table of contents
BTG prices encounter an overflow in the buying pressure resulting in a sharp overnight reversal supported by the boom in trading volume.
Key technical points:
BTG prices have been up by 20.37% since last night.The uptrend breaks above the double bottom pattern.The 24-hour trading volume of Bitcoin Gold is $234 Million, indicating a rise of 2000%.
Past Performance of BTG
Looking back at previous performances, BTG, after the decline of 60% the last month, needed support at $17.50. However, after the interruption during the correction phase, buyers quickly began to take over the trend, which increased the volume of trading and pressure to buy, which led to the long bullish 28% candlestick that covers the candlestick.
BTG Technical Analysis
The upward trend accelerated due to the double bottom, which occurred around the $17.50 mark, breaking above the previous swing low at $22.25. First, however, the rally has to break above the 50-day EMA, located close to around the $26.55 mark, to prolong the uptrend.
The daily EMAs continue to move downward as the bearish spread grows, indicating a steady downward trend.
As for the technical indicators, The RSI slope, represented in the form of the blue line that crosses the midline in response to sudden increases, displays the upward direction. However, the Stochastic RSI has the lines K and D, which challenge the upward trend as the odds for a downward-facing crossover increase because of the recent merger.
In short, the BTG technical analysis remains neutral despite the bullish surcharge and requests to wait for a price action confirmation.
If BTG prices are higher than the 50-day EMA following the breakout of the bullish pattern, an upward trend of $25 is likely. However, first buyers must maintain the upward momentum to remain over the $22.25 price point.
If the buyers cannot surpass the EMA, a reversal from $22.26 increases the likelihood of an eventual fallout, leading to an inevitable drop to $20.
Support Levels: $22.5 and $20
Resistance Levels: $25 and $26.6