TL; DR Breakdown
- BTG/USD is hovering around $52
- Bitcoin price might reach $55 before midnight.
- The daily chart began with bears controlling the market.
BTG price analysis: General price overview
Yesterday’s BTG/USD price analysis chart was in head and shoulder trends. However, the coin closed the daily chart with a bulish momentum. Today bears came strong and fought the bulls forcing the price to drop. The buyers got support at $51.20 and pushed the price to $52. By then, sellers had consolidated and came in with pressure causing a sharp decline.
Buyers could not let the sellers continue dominating the market. Bulls gathered enough strength to push BTG/USD price but found rejection at the intraday high of $53.09. Sellers could not let the price continue surging. Thereby, they gathered in large numbers to break the bullish uptrend momentum and caused a pullback to the intraday lows of $50.69.
The RSI has gone to the oversold and overbought regions in the 4-hour trading chart before settling in the neutral region; this chart indicates high volatility. On the 1-hour chart, there is the formation of double tops trading trend.
Most parts of the virtual currency heat map in green, indicating a bullish market. At the time of writing, most of the coins in the cryptocurrency heat maps had increased in prices. Yesterday, many coins had recorded huge drop. The largest digital asset had dropped by 6 percent, which is not the case regarding today’s BTC price, where it has recorded a slight increase of 1 percent. The second-largest virtual currency also is struggling to surge.
BTG/USD price analysis: Bitcoin gold price movement in the last 24 hours
The daily chart began with bears controlling the market. However, thirty minutes later, this bearish momentum was cut short by the angry bulls. The buyers took control over the market for some time before the bears causing resistance at the intraday high of $53.09.
In the opening of the 24-hour chart, the Bollinger bands were wide, indicating that the market is volatile. On the daily chart, BTG/USD has been trading within 50.69 – 53.09, which is good volatility. The total market volume has increased by 11 percent to $17,943,862.76.
BTG/USD price analysis: 4-hour price chart
Bitcoin gold is hovering around $52. The MACD line has crossed below the red line indicating a bearish signal. The MACD line seems to be going downwards; this means the bearish market might be more bearish.
BTG/USD price analysis: 1-hour price chart
Even though the BTG has been bulish in the last hour, there are several red candlesticks. Bears are trying to stop the bulish trend; however, they are incapable.
Bitcoin gold price analysis: Conclusion
At the time of writing, bears have taken charge of the market, reversing the bulish trend of BTG and trading at $51.9. The bulls have gone back to the drawing board. If the bulls strategize well, they will reach $55 before midnight.
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