BTG Prices Tease Channel Breakout After Reversing From 50-day EMA
Table of contents
Key Points:
Source - Tradingview
BTG Technical Analysis
The Bitcoin Gold (BTG) price trend shows a bearish reversal from the $35 resistance level after the rounding bottom breakout. The downtrend inchoates a falling channel and accounts for a 35% drop within three weeks to test the 50-day EMA.
The price trend shows a bullish reversal from the support trendline of the falling channel with the help of a 50-day EMA. The multiple low price rejection near the supporting EMA increases the uptrend possibility to the overhead resistance trendline.
BTG trades at $26 with a 3.1% jump in the last 24 hours, teasing a potential bullish engulfing candle formation. However, the bullish trend may find resistance at $26.55 and the 200-day EMA before reaching the trendline.
If the uptrend breaks out of the falling channel, the unleashed bullish momentum can drive the market price higher above the $30 mark. Nevertheless, a bearish continuation within the channel may break the 50-day EMA to test the $22 support level.
Technical Indicators
The RSI indicator displays a downtrend under the influence of a resistance trend line moving along with the 14-day average line. However, the recent reversal within the nearly oversold zone may challenge the resistance confluence shortly.
The fast and slow lines in the MACD indicator project a chance of a bullish turnaround teasing a crossover event. Hence, the technical indicators maintain a bullish bias for the BTG prices.
Resistance Levels: $26.55 and $30
Support Levels: $22 and $20