Bitcoin Gold: Bulls resist and maintain the tone in the BTG/USD - Levels to watch
|- The BTG/USD loses momentum after three months of recovery.
- Very stable levels of purchases and sales consolidate the price level at $27.
- It is very likely a slip towards $24 looking for the trend of lower inclination.
Bitcoin Gold has been maintaining its bullish tone for almost three months. Although during October the price range has been framed between $29.76 for the bullish side and $24 for the bearish side, it has not moved away from the trend that governs the movement.
Advertisement
Looking to put these strategies into practice? Check one of our recommended Exchanges
BTG/USD 1 Day
Yesterday, sellers appeared and moved the price level to $26 from $27.50 on Monday, leaving a similar structure to the one seen on October 11. On that occasion, the price evolved strongly upwards to beyond $29.
This time the MACD in the daily range is several points lower and very close to the zero line, so there is less chance of repeating the bullish behavior.
The BTG/USD is currently trading at the $26.41 price level. Above the current price, first resistance at the price level of $27.70 (price congestion resistance). The second resistance level is at $29.50 (price congestion resistance) and the hypothetical target is to move the trend line that governs the movement at the $30.50 level. If the BTG/USD managed to get above this line, the chances of a new bullish upward movement would be greatly increased.
Click to view in real time
Do you want to know more about my technical setup?
Below the current price, the first support is at the $25 price level (price congestion support), a level that if lost would take the BTG/USD to the second support level at $23.8. Just below this price level, is the key support at $23.5 at the trend line from the August lows.
If the BTG/USD reaches this last support level it would be a buy opportunity with a Stop Loss below the trend.
The Directional Movement Index shows the bulls staying in control while the bears have increased their level of activity a little but without consolidating above the 20 level of the indicator.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.