BTG Technical Analysis: Reversal Rally Webs A Bullish Pattern
Table of contents
Key Technical Points:
Past Performance of BTG
The Bitcoin Gold (BTG) price trend shows the $26.5 breakout rally retesting the 200-day SMA after the supply inflow at $37. And as we mentioned in our previous article, the retest rally gains bullish, resulting in a successful post-retest reversal. Moreover, the reversal rally forms three consecutive bullish candles representing an increase in trend momentum.
Source - Tradingview
BTG Technical Analysis
The 15% recovery offers the sidelined buyers to grab BTG as it gains bullish momentum. Moreover, the rounding bottom completion will account for a 12.55% jump, potentially reaching the $45 mark.
The recent pullback found practical support from breached 200-day SMA, bolstering the resumption of the recovery rally. Moreover, the 50 and 100-day SMA bullish crossover confirms uptrend continuation. The rising daily-RSI slope jumps above the 14-SMA shows the market participants feel optimistic about Bitcoin Gold.
Bullish momentum is weak despite a narrow spread between the fast and slow lines. Moreover, the MACD indicator, holding above the neutral line, suggests the buyers possess an upper hand.
In a nutshell, the BTG Technical Analysis projects an upcoming bullish trend as the demand for the token increases.
Upcoming Trend
If the BTG price action completes a rounding bottom with a jump to $37, a bullish breakout will fuel the uptrend to reach $45.
However, a bearish reversal will test the support level at the $30 mark.
Resistance Levels: $37 and $45
Support Levels: $30 and $26.5