Bitcoin Gold Price Analysis: BTG/USD falls below the $10.50 level
- BTG/USD is falling in a bearish triangle formation.
- The MACD indicator shows an upcoming reversal of bullish momentum.
BTG/USD daily chart
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BTG/USD is on course of charting a third straight bearish day. So far this Thursday, BTG/USD fell from $10.75 to $10.37, falling below the $10.50 level, in the process. This three-day downward spiral got triggered when the asset failed at the $11.55 level. This Wednesday, BTG/USD fell below the SMA 200 curve, which is now acting as the immediate market resistance.
The MACD line has touched the signal line, which indicates an upcoming reversal in bullish momentum, while the Elliott Oscillator has had five consecutive red sessions. Over the last three days, the RSI indicator dropped from 64.55 to 59.35, indicating that the market is going through a sell-off period.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
