BTG Technical Analysis: Will This Channel Breakout Help BTG Holders?

The BTG prices bounced back from the $22.2 support level to breach the long-coming resistance trendline of a falling channel pattern to challenge the $26.5 resistance level. Currently, the higher price rejection in the daily candle lowers the possibility of a $26.5 breakout and teases a retest of the channel breakout. So, will the uptrend sustain to exceed the overhead resistance or lead to a consolidation phase?

Key Points:

Source - TradingView

BTG Technical Analysis

After the recent bearish turnaround from the $26.5 resistance level, the BTG prices took support at the $22.2 mark. Then, with lower price rejection and a bullish piercing candle, the buyers regained trend control at $22.2 and broke above the resistance trendline to challenge the sellers at the $26.5 mark.

Over the last three days, the market value has jumped by 15%, but the higher price rejection in the daily candle questions the bullish commitment. On a side note, the increasing possibility of a consolidation range forming between $22.2 and $26.5 limit the case of a bullish breakout.

However, if the BTG prices exceed the $26.5 resistance level, an uptrend to the $30 mark seems inevitable. On the other hand, if the consolidation idea fails with the $22.2 fallout, the Bitcoin Gold prices will dump below the psychological mark of $20 to take support at $17.5.

Technical Indicators

The daily-RSI slope spikes within the nearly overbought zone as it exceeds a halfway line after taking support from the 14-day average line.  Moreover, the fast and slow lines align positively with the recent crossover, igniting the MACD histograms' positive trend.

Hence the technical indicators support the possibility of an uptrend to the $30 mark as the buying pressure for BTG tokens increases.

Resistance Levels - $26.5 and $30

Support Levels - $22.2 and $20