Bitcoin Gold Technical Analysis: BTG/USD massive 11% drop is still considered healthy
- BTG/USD is down 11% from a high of $10.4
- Bitcoin Gold is currently under consolidation after a massive price surge towards $11.4.
The move is explosive but should be considered somewhat healthy considering that the daily 26-EMA hasn’t been lost yet and the bulls can still defend the 12-EMA at $9.32.
BTG/USD daily chart
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Many wild moves in the past week for BTG have taken the digital asset into a volatile zone. Zooming out, however, we can see BTG was trading as high as $32.54 on June 26, 2019. Buyers are currently trying to stay above the daily 12-EMA. There isn’t a lot of support nearby because the bull run happened extremely quickly.
BTG/USD 4-hour chart
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The 4-hour chart shows that the bear move wasn’t caused by a random whale dumping BTG but rather an organic drop over many hours. BTG slipped below both EMAs which are looking for a bear cross within the next few hours. Again, not a lot of support until $8.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
