Bitcoin Gold [BTG] Reverses Strong Performance with Sharp Declines

2018-11-20 18:59

Bitcoin gold is one of the worst performers in the top twenty over the past 24 hours with the exception of Bitcoin Cash. The cryptocurrency which is currently ranked twentieth in terms of the market cap had been holding its value surprisingly well in the middle of extremely bearish market conditions.

Today’s movement has brought the cryptocurrency from around $26 to a price of $22. Today’s price action briefly brought the cryptocurrency below $20 to an intraday low around $18. The daily 50 EMA seemed to be acting as support for some while but yesterdays movement below the moving average appears to have catalyzed the sharp decrease being seen today. The cryptocurrency has depreciated around 17% over the past 24 hours.

The volume on the decrease is high showing real strength behind the move and both the RSI and MACD are decreasing showing that momentum is on the side of the sellers.

Bitcoin Gold Daily Chart – Source: TradingView.com

The support and community for the project have been steadily increasing over the past few months. While most forks become irrelevant, Bitcoin Gold has gradually increased its support. This can be seen by the number of longs open on the Bitfinex exchange which has been consistently increasing since mid-August.

There was a huge spike in the number of longs today which may have been a result of investors finding the decline in price an attractive investing point. The longs have since retraced to around the point where they opened for the day.

Bitcoin Gold Longs – Source: TradingView.com Key Takeaways: Bitcoin gold undergoes sharply declines today. This comes after the cryptocurrency held its value extremely well despite bearish conditions across the rest of the market. The sharp decline may have been the result of price action closing above the 50 EMA yesterday which had acted as a support level for some time. The support and community behind the project had been steadily increasing over the past few months. This can be displayed by the number of longs open consistently increasing since mid-August.

Bitcoin Gold [BTG] Reverses Strong Performance with Sharp Declines was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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bitcoin gold cryptocurrency btg reverses market performance

Источник: blokt.com

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