- Bitcoin Gold is showing bullish momentum as price action forms higher lows in the context of the daily price chart.
- On the daily price scale, BTG investors are struggling near the red signal line of the Super Trend indicator.
- The corresponding Bitcoin pair, Bitcoin Gold, is up 6.5% at 0.00079 satoshis.
The Bitcoin Gold coin has been underperforming with a higher-low formation since its all-time high. BTC holders have lost nearly 85% over the past 52-week period when the bears managed to register an annual low of $15.25, which turned into a crucial hedge zone for the bulls.
Since the end of March, BTC price action has continued below the descending trend line (blue) as the bears turned aggressive on each rise to sell. Hence the bulls are struggling to push BTG price above the horizontal barrier and with the presence of the $22.9 mark at the time of publication.
On the daily chart, the Bulls are re-testing the red signal line of the Super Trend indicator line twice in the last 10 days and have an excellent opportunity to witness an upcoming bullish rally.
According to CMC, with higher momentum, Bitcoin Gold’s market cap rose 7.2% to $401 million in the past 24 hours. Meanwhile, the price of the Bitcoin and Bitcoin gold pair is up 6.5% at 0.00079 satoshis.
However, buyers began to ease selling pressure as the price action shows a higher-low formation on the daily chart. Thus, the $18 mark appears to be an extreme support level and there could be a slight pullback for the bulls near the $30 level.
Traders found a triangle pattern on the BTG chart
As the price action suggests an ascending triangle pattern, where bulls pool the coin for a bullish rally, hence, trading volume increased by 151% compared to the previous night.
The Daily RSI is attempting to manage a break above the semi-line (50 mark) to move towards the overbought zone.
According to the price action of the Bitcoin gold coin, the bulls have set a target of $30 as their first achievement. Besides, the $18 mark appears to be an extreme support level and the bulls may see a slight pullback near the $30 round level.
support level – $20 and $15
Resistance level – $30 and $50
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