Bitcoin Gold Technical Analysis: BTG/USD gets walloped by bears as market falls by 7%.

BTG/USD daily chart

  • BTG/USD fell by 7% as the price went down from $13.20 to $12.30 this Monday.
  • The market had a bearish breakdown from a flag formation.
  • The momentum of the bearish momentum was so strong that the price plummetted below the long-standing support provided by the upwards trending line.
  • The moving average convergence divergence (MACD) indicator shows that the MACD curve is diverging away from the signal line which indicates further bearish momentum.

BTG/USD 4-hour chart

  • The 4-hour BTG/USD market has had a bearish breakout from the red cloud of the Ichimoku indicator.
  • The green cloud indicates that bulls may be getting into the market in the future.
  • The relative strength index (RSI) curve has entered the oversold territory.

BTG/USD hourly chart

  • The last two sessions in the BTG/USD hourly chart sneaked the market back into the 20-day Bollinger band.
  • The Bollinger band also indicates an extremely volatile market.
  • The last 15 sessions of the Elliot Wave oscillator shows bearish tendencies with increasing intensity.

Key Levels

  • Open: $13.20 
  • High: $13.20 
  • Low: $12.31
     

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