Bitcoin Gold (BTG) Ranges after Testing the Overhead Resistance at $16

Key Resistance Levels: $24, $28, $32
Key Support Levels: $12, $8, $4

BTG/USD Long-term Trend: Ranging
At the moment, Bitcoin Gold is in range-bound movement after the bear market. In retrospect, in June and July 2019, BTG was in a bull market as the bulls made three attempts to break the overhead resistance at $32. As the bulls struggle to break the overhead resistance, a bearish three top pattern was formed.

The pattern indicates that the previous trend has been reversed . It also indicates that selling pressure will resume. The coin fell to the low of $4 and resumed a sideways move. BTG faces resistances at $14. Each time the bulls make an upward move, the bulls will be resisted at that price level.

Daily Chart Indicators Reading: 

BTG is trading below 50% range of the daily stochastic. This implies the coin is in a bearish momentum. The 50-day and 21-day SMAs are sloping horizontally indicating the sideways trend. The bulls break the downtrend line signaling the end of the bear market

 

BTG/USD Medium-term Trend: Ranging
On the 4-hour chart, the bulls are contesting an overhead resistance at $14. Each time the bulls tested the overhead resistance  the coin will fall to the low of $10. The bulls are making another upward move to retest the overhead resistance.

4-hour Chart Indicators Reading
BTG is currently trading at level 45 of the Relative Strength Index period 14. The coin is below the centerline 50. This implies that BTG is in the downtrend zone. The coin is likely to fall.

General Outlook for Bitcoin Gold (BTG)

Bitcoin Gold is currently in a sideways move. BTG is fluctuating between $9 and $14. It lacks buying power at the upper price level. The coin’s upward move is hampered because buyers are insufficient at a higher price level. On the upside, if the bulls break the current resistance, BTG will rally above $16. It is unlikely for the price to fall below $4.

Bitcoin Gold (BTG) Trade Signal
Instrument: BTG/USD
Order: Buy
Entry price: $11
Stop: $9
Target: $14

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