Bitcoin Gold is an altcoin that was hard forked from the Bitcoin codebase. It is mined on common GPUs instead of exclusive ASICs. It is a blockchain network that facilitates the development of innovative decentralized apps. This network has partnered with a large number of entities worldwide that enables users to use BTG for digital currency transactions with ease. The technical analysis of BTG is as follows:
On Jun 2, 2021, BTG opened at $58.97. On Jun 8, 2021, BTG closed at $52.89. Thus, in the past week, the BTG price has decreased by roughly 10%. In the last 24 hours, BTG has traded between $48.81-$52.90.
Day-Ahead and Tomorrow
Currently, BTG is trading at $51.38. The price has decreased from the day’s opening price of $52.89. Thus, the market seems bearish.
The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to start rising.
Currently, the RSI indicator is at 56%. It faced rejection at 62% and fell to the current level. Thus, selling pressures are high. The RSI oscillator is indicating that the BTG price may decline further.
The OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the BTG price.
In short, when we look at all three oscillators together, we can say that the overall market momentum seems bullish. However, we cannot rule out intermittent price pullbacks amidst a rising price trend.
BTG Technical Analysis
Currently, the price is below the Fibonacci pivot point of $51.53. The price may soon surpass the pivot point and the first resistance level of $53.09.
The price has tested and fallen below the 38.2% FIB retracement level of $51.34. By day end, if the price retests and breaks out of the 23.6% FIB retracement level of $51.93, then probably the price uptrend is strong. In that case, the price will continue to rise tomorrow as well.