Bitcoin Gold Price Prediction: BTG Bulls Noted Monthly High Out-of The Box But Failed to Sustain

The Bitcoin Gold (BTG) coin has been showing sideways under a box pattern for the past several days.
The bulls are trying to break above the 200 day moving average on the 4-hours price chart.
The bitcoin gold coin belonging to the bitcoin pair is up 4.21% at 0.001082 satoshis.

The crypto market king-Bitcoin has been hovering around the $20K level for the past several days. Buyers continue to be disappointed as the price of BTC is not able to move higher. Results can be seen on Bitcoin Gold (BTG) coins. BTG price is trending downwards after the July month price rally.

Bitcoin Gold (BTG) coin is looking bullish in this week’s intraday trading session. As BTC price is trading at the $20.9 mark against the USDT pair, with a 3.05% gain at the time of writing. Furthermore, the bitcoin gold coin belonging to the bitcoin pair is up 4.21% at 0.001082 satoshis.

On a 4 hour price scale, buyers have been struggling with a sideways trend for the past several days. This accumulation phase is occurring above the previous swing low of $14, suggesting BTG price trend is still bullish despite downtrend. If buyers fail to sustain asset above in box pattern (above the chart) then price likely to revisit bulls hedge zone near $14 zone.

In hourly price charts, bulls are trying to flip the 200 Day moving average as a short-term support level. Although bulls are looking offensive tonight and they noted today’s high at $23.54 level.

In the context of the daily price chart, buyers try to move the asset prices above the 20 day moving average as their first achievement. Above this moving average, buyers can accumulate prices higher. Nevertheless, the 200-DMA bitcoin is well above the current price of the gold coin.

The bull markets are looking intense and aggressive for the bull run. As a result, trading volume increased by over 520% in the last 24 hours. Similarly, the market cap is looking 3.55% higher overnight at $368.7 million according to CMC.

On the daily price scale, the RSI indicator is moving towards the semi-line (50 points) after recovering from the oversold area.

Conclusion

Bitcoin Gold Coin (BTG) is looking strong according to today’s gains. Buyers are waiting for the weekend to move above the box pattern. If the buyers close today’s price candle above the chart then the game could be further in favor of the buyers. The 200-DMA of bitcoin is well above the current price of the gold coin, which could act as a resistance.

Support level – $20 and $14

Resistance level – $28 and $40

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing