Bitcoin Gold (BTG) is an altcoin that was hard-forked from the Bitcoin codebase. It is an open-source, peer-reviewed, and decentralized blockchain network. It has launched a new mining algorithm known as Equihash BTG. Furthermore, it connects businesses, services, integrators, and retailers to facilitate the development of customized solutions that maximize benefits for the end-user/consumers. Let us look at the technical analysis for the same.

Past Performance

On Jun 18, 2021, BTG opened at $57.84. On Jun 24, 2021, BTG closed at $41.04. Thus, in the past week, the BTG price has decreased by roughly 29%. In the last 24 hours, BTG has traded between $38.88 – $44.74.

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Day-Ahead and Tomorrow

Currently, BTG is trading at $42.56. The price has increased from the day’s opening price of $41.04. Thus, the market seems bullish.

The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bullish. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 54%. It faced rejection at 56% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the BTG price.

Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will push the price further down.

In a nutshell, the MACD oscillator has given bullish signals, while the RSI and OBV indicators have given bearish signals. Thus, we can say that the overall market momentum is negative. We have to wait and watch to see if the intermittent price rises are temporary corrections or the commencement of a strong bullish trend.

BTG Technical Analysis

Currently, the price is below the first Fibonacci pivot resistance level of $43.79. It may soon fall below it and further below the Fibonacci pivot point of $41.55. Thereafter, we have to wait and watch if the price falls further or starts rising again.

The price has fallen below the 23.6% FIB retracement level of $43.36. It may soon fall below the 38.2% FIB retracement level of $42.50 as well. By day end, if the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, we can expect the price upswing to continue tomorrow as well.