Bitcoin Gold / USD Technical Analysis: Not All That Glitters

Bitcoin Gold / USD Technical Analysis: Not All That Glitters
ôîòî ïîêàçàíî ñ : cryptobriefing.com

2019-1-30 17:24

Bitcoin Gold has fallen to a record trading low after sellers finally broke below the December 2018 low BTG / USD is bearish in the short-term with price now trading below a wedge pattern Medium-term picture is also bearish with price trapped inside a descending channel pattern Bitcoin Gold / USD Short-term price analysis

 

In the short-term, Bitcoin Gold is bearish with the pair hitting an all-time record trading low this month as the broader cryptocurrency market came under selling pressure.

The BTG / USD pair has also broken below a descending wedge pattern; we are currently seeing price moving back towards the breakout area as traders seek further technical confirmation that the break is valid.

Overall, further downside in the BTG / USD pair should be expected as the price is creating bearish lower lows and the cryptocurrency continues to trade below its all-time trading low.

 

Pattern Watch

The recent break below the descending wedge pattern remains the key theme across the lower time frame charts.

We should also note that price is making lower highs and low lows, which is consistent with the prevailing bearish trend.

 

 

BTG / USD H4 Chart                                                                             (Source: TradingView)

 

 

Relative Strength Index

The RSI indicator is starting to correct from extreme oversold territory on the four-hour time frame. The indicator has remained consistently weak, which is in line with the overall trend.

 

MACD Indicator

The MACD indicator is correcting higher as traders await the next directional move around the descending wedge pattern’s lower trendline.

BTG / USD Medium-term price analysis

 

Bitcoin Gold is bearish in the medium-term, with the BTG / USD pairs late December gains now totally eradicated.

Price continues to trade within a descending price channel on the daily time frame, with the trendline support holding firm despite the BTG / USD pair shedding over 15 percent of its value so far this week.

Traders should now wait for a breakout from the descending price channel on the daily time frame, as it will likely signal the next medium-term directional move in Bitcoin Gold.

 

 

BTG / USD Daily Chart                                                                         (Source: TradingView)

 

Pattern Watch

Aside from the descending price channel, traders should watch daily and weekly price closes below the BTG / USD pairs all-time price low.

It is also worth noting that the monthly price for Bitcoin Gold is nearly upon us, monthly price close beneath the pairs former all-time low would be extremely bearish.

 

RSI + MACD Indicators

The RSI is bearish on the daily time frame and starting to correct from oversold trading conditions, while the daily MACD indicator is starting to turn lower, although a bearish crossover has yet to take place despite the early week decline.

 

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Bitcoin Gold
(BTG) Price $10.24 Market Cap $179,439,786.77 #ccpw-ticker-24500 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24500 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24500 a.tabperiods.tabperiods_active, #ccpw-ticker-24500 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24500 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24500 .coin-container:after, .ccpw-container_four #ccpw-ticker-24500 .coin-container:after {border-color:#ccc !Important;} Join the conversation on Telegram and Twitter!

 

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Best Bitcoin Documentaries of All Time [Update 2022]

In only a little over a decade, Bitcoin has risen to become an extremely influential entity, not only in providing a revolutionary new monetary system, providing people with the power to control their finances with no government control, but also in creating extensive projects across the world, sporting incredible investments, all taking inspiration from bitcoins […] The post Best Bitcoin Documentaries of All Time [Update 2022] appeared first on CaptainAltcoin.

2022-4-28 19:33


Ôîòî:

Best Bitcoin Documentaries of All Time [Update 2021]

In only a little over a decade, Bitcoin has risen to become an extremely influential entity, not only in providing a revolutionary new monetary system, providing people with the power to control their finances with no government control, but also in creating extensive projects across the world, sporting incredible investments, all taking inspiration from bitcoins […] The post Best Bitcoin Documentaries of All Time [Update 2021] appeared first on CaptainAltcoin.

2021-8-26 18:32


Does the Recent Stock Market Volatility Showcase Bitcoin’s Growing Popularity?

Our readers may be aware of the fact that stock markets all across the globe have been facing a lot of bearish pressure over the course of the past few weeks. However, despite all this, Bitcoin has continued its strong financial ascent — with the flagship cryptocoin recently breaking past its all-important $8K resistance barrier […]

2019-5-18 07:01


Dutch Bank ABN AMRO Isn’t Opening up a Bitcoin Wallet Yet, But Surveys Customers for Potential Plans

Earlier this month, there had been some speculation that ABN AMRO would be launching their own Cryptocurrency wallet. However, the rumors have since been clarified by the Dutch Bank as false. It all started last week when the bank Implied on Twitter that they would be trying out a new Cryptocurrency wallet called ‘Wallis’ with […]

2019-1-24 22:15


Ôîòî:

Elections Canada Consults With Political Parties on Crypto Donations

According to Elections Canada, the agency that runs federal elections in Canada, there has been “a growing interest” in cryptocurrency donations. This trend has prompted some political parties to ask for a ruling on how best to manage bitcoin and other cryptocurrency political donations and how to navigate the various reporting systems required by both Elections Canada and the parties so that they comply with the Canada Elections Act.

2019-1-24 20:28