Bitcoin Gold price analysis: BTG/USD lost about 95% from the peak, behaves like a penny stock would
|- BTG has lost nearly 95 pct of its value from last year's peak.
- Gain to glory won't be anytime in the foreseeable future.
Bitcoing Gold, the cousin sister of the poster boy Bitcoin, has lost nearly 95 percent of its value from the peak of $478, hit in November last year, typical of how any penny stock does in equity markets when they rise in euphoria and fall when sanity kicks in.
For the day, BTG/USD is down about a percent at $25.476 after hitting low of $24.00 at which point it was down more than 6 percent for the day. Any bounces for this penny cryptocurrency would not be as meaningful to bring back its old glory days back yet and the crypto needs to do a lot from the fundamental perspective to catch up with peers.
From the technical perspective, on the 180-minute chart, the low of $24.00 is exactly where the support was placed and it managed it bounce off the trendline support. Strong resistance is now placed around $30.00 mark.
BTG/USD 180-minute chart:
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