Bitcoin Gold Sideways Move May lead to Breakout or Breakdown

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

BTG/USD Long-term Trend: Ranging
Bitcoin Gold is still in a range-bound movement as the bulls’ battle the resistance at $14. The bulls have made two unsuccessful attempts at the resistance. In the first attempt, the bulls tested the resistance; and BTG fell to the low of $10. The bulls resumed another upward move to retest the resistance. In the second attempt, the bulls were resisted as the price continues to fall towards the bottom of the chart. The price is falling and approaching the range-bound zone. Meanwhile, BTG lacks buying power at higher price levels.

Daily Chart Indicators Reading:
Bitcoin Gold is trading at level 36 of the Relative Strength Index period 14. BTG is approaching the oversold region of the market. The coin is below centerline 50. This implies that BTG is in the downtrend zone and the coin may likely fall.

BTG/USD Medium-term Trend: Ranging
On the 4-hour chart, the bulls are contesting an overhead resistance at $14. The coin has been in a sideways move. 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 below 20% range of the daily stochastic. This implies the coin is in the oversold region of the market. 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

General Outlook for Bitcoin Gold (BTG)
Bitcoin Gold is still in a sideways move. BTG fluctuates between $9 and $14. BTG lacks buying power at the upper price level. The coin’s upward move is hindered 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(BTG) Trade Signal
Instrument: BTGUSD
Order: Buy Limit
Entry price: $9
Stop: $8
Target: $14

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