- Bitcoin Gold coin is forming a circular bottom formation above the $27-support level.
- Finally, buyers manage to hold the asset price above the 200-day moving average.
- Bitcoin Gold is up 10.6% with the crypto bitcoin pair at 0.001323 satoshis.
In August, investors took control of the Bitcoin Gold (BTG) coin. BTG is one of the most recent strong movers in the last 30 days, as according CMC. The BTG coin has risen more than 50% in recent trading periods since the commencement of the upswing.
In the midst of the rally, purchasers reached a 60-day high of $38.5 on July 29. Later, bears sought to lower the asset price, but buyers reclaimed the trend near the crucial support level of $27. As a result, the BTG coin prognosis has improved during the last three days.
BTG token is up 10% this week, in fact, buyers have pushed the asset price above previous highs. Thus BTG crypto is trading at the $31.7 mark against USDT at press time. Even today buyers are actively buying the coin, the effect can be seen in the Bitcoin Gold crypto with the bitcoin pair, up 10.6% at 0.001323 satoshis.
The 200-DMA Has A Key Support Level For BTG Bulls
Trading volume is increasing with a rounding bottom formation. Thus the market cap has increased by 7.7% to $555 million in the last 24 hours. Meanwhile, buyers barely manage to hold the asset price above the 200-day EMA, which still stands as a key support.
In the context of the daily price scale, the RSI indicator has completed its minor retracement phase. Now again suggesting an uptrend for BTG coin.
Conclusion
The Bitcoin Gold (BTG) is making a rounding bottom formation on the daily price scale. Buyers are holding an important support level at the 200-day moving average and the RSI indicator also suggests an uptrend for BTG crypto. Buyers can see a new high of 60 days this week.
Support level – $20 and $14
Resistance level – $38 and $50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/12/bitcoin-gold-price-analysis-how-long-will-buyers-benefit-from-rounding-bottom-formation/