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Cryptoknowmics 2022-08-24 08:15:51

BTG Prices Tease Channel Breakout After Reversing From 50-day EMA

The Bitcoin Gold (BTG) price trend shines a bullish hope after finding support at the 50-day EMA, maintaining an overall downtrend. With multiple long-tail daily candles, the improving underlying bullish sentiments tease a potential uptrend within the falling channel. Should you consider going bullish as the recovery trend gains momentum? Key Points: The Bitcoin Gold (BTG) market price shows a bullish reversal from the 50-day SMA. The 50 and 200-day SMA teases a golden crossover in the daily chart. With a market cap of $451 million, the intraday trading volume of Bitcoin Gold has increased by 37% to reach $28.87 million. Source – Tradingview BTG Technical Analysis The Bitcoin Gold (BTG) price trend shows a bearish reversal from the $35 resistance level after the rounding bottom breakout. The downtrend inchoates a falling channel and accounts for a 35% drop within three weeks to test the 50-day EMA. The price trend shows a bullish reversal from the support trendline of the falling channel with the help of a 50-day EMA. The multiple low price rejection near the supporting EMA increases the uptrend possibility to the overhead resistance trendline. BTG trades at $26 with a 3.1% jump in the last 24 hours, teasing a potential bullish engulfing candle formation. However, the bullish trend may find resistance at $26.55 and the 200-day EMA before reaching the trendline. If the uptrend breaks out of the falling channel, the unleashed bu...

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