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Bitcoin Gold Price Analysis: BTG Token Shows A Breakout From A Double Bottom Pattern

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Source- BTG/USD on Tradingview 

On 20th July, the BTG token showcased another bounce from the $33.6 support with a tweezer bottom candle pattern. Currently, the price is at $51.9 and has already awarded a 50% gain to the early buyer of this rally. Moreover, the coin projects another long opportunity for BTG traders with the breakout from a double bottom pattern in the daily time frame.

Concerning the EMA’s, the BTG token is trading above the 20, 50, and 200 EMA, which is quite a good scenario for a new bullish rally. In addition, the chart also shows a golden crossover of the 50 and 200 EMA, which could attract more buyers in the market. However, the 100 EMA is just above the price, providing strong resistance to the price.

The RSI value is at 65, indicating a strong bullish sentiment in the price.

BTG Token Rising With A New Ascending Trendline 

Source- BTG/USD on Tradingview

The BTG token price shows quite a reliable trendline, supporting the price with its new rally. Thus, BTG traders can use this trendline to identify excellent entry opportunities to ride this bull rally. however, on the other hand, a breakdown from this trendline will also trigger a great shorting opportunity for BTG traders

The MACD indicator (BULLISH) shows both the MACD and the signal line moving above the neutral zone(0.00), indicating strong bullish momentum in the token. However, these lines also show some bearish divergence, suggesting some weakness in the bullish rally.

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Conclusion: From the technical perspective, the BTG shows an excellent long opportunity for BTG traders with a double bottom pattern. Thus, as mentioned above, the price has given a breakout from the $50.3 neckline of this pattern. Therefore the trader should wait for the price to show sustainability above this level before entering the market.

Support– $50.3

Resistance– $62

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