- Bitcoin Gold price (BTG) surged 0.38% in the last 24 hours and it is currently trading at $13.55.
- Bitcoin Gold (BTG) has bounced nearly 434.3% from its all-time low price.
Bitcoin Gold (BTG) is a user-friendly version of Bitcoin that started in 2017. The BTG network wants to use the best features of Bitcoin and also allow more innovation and development.
BTG price is currently trading at $13.55 with an increment of 0.38% in the past 24 hours. According to CoinMarketCap data, BTG cryptocurrency holds a total market cap of $237.2 Million and ranks 124th in the crypto market. It received $5.3 Million in volume in the past 24 hours which is 151.53% less than the last day. It has over 17.5 Million in circulating supply. The volume-to-market cap ratio of BTG coin is 2.24% which indicates low volatility in the market.
BTG Price Prediction Using Price Action Strategy
The BTG price prediction reveals that the coin seemed to be in a long-term declination phase and formed a new swing low in December 2022. The Bitcoin Gold price made a significant decline of nearly 70% and broke its previous swing and formed a new low. Thereafter, the price bounced 80% from the swing low but was not able to break the ongoing trend and suffered rejection from upper trendline resistance.
Source: BTG/USD By TradingView
On the daily BTG chart, the coin retook support from the demand zone showing the presence of buyers near the demand zone. Currently, the price is consolidating between the trendline resistance and the demand zone. Neither buyers nor sellers seem to be dominating the price war.
The price is forming a descending triangle pattern which now has contracted enough to get a trending move on either side. If the price is able to break and close above the trendline, then it may result in a trend change and the price may surge higher.
If sellers are able to surpass the demand zone and the price closes below the demand zone at $11.13, the price may again form a new swing low.
Indicator Analysis
As per the EMA analysis, the Bitcoin Gold price is stuck between 100 EMA and 50 EMA. The price suffered rejection from 200 EMA and is currently trying to sustain above 50 EMA. It shows the short-term participation of buyers in the market. If the price breaks below 50 EMA, then it may continue its downtrend.
At the time of publishing, the RSI value of the BTG coin is 49.83 and that of the SMA line is 51.55. RSI is declining after reversing from the overbought region. RSI is getting support from the mean line which shows the short-term bullish to neutral sentiment in the market.
MACD lines are showing a bearish crossover. The histogram bars are being formed above the mean line but height is increasing. The overall indicators are showing a mixed reaction to the price forecast.
Conclusion
Bitcoin Gold (BTG) price prediction concludes that the price seemed to be forming a descending triangle pattern which now has contracted enough to get a trending move on either side. However, the game has gone neutral as both buyers and sellers are unable to dominate at the moment. Now, if the price breaks above the trendline, then it may surge higher. If it breaks below the demand zone, then it may form a new swing low.
Technical Levels
- The support levels of the BTG coin at $11.13 and $4.97.
- The resistance levels of the BTG coin at $21.03 and $26.32.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
