BTG Technical Analysis: Reversal Rally Webs A Bullish Pattern

The BTG price action shows a bullish reversal from $27, assembling a rounding bottom pattern with a neckline at $36. Will the reversal lead to a breakout?

Key Technical Points:

• The Bitcoin Gold (BTG) price has increased by almost 15% in the last three days.
• The bullish crossover of the 50 and 100-day SMA teases an uptrend continuation.
• With a market cap of $554 million, the intraday trading volume of Bitcoin Gold has increased by 140% over the last 24 hours to reach $139 million.

Past Performance of BTG

The Bitcoin Gold (BTG) price trend shows the $26.5 breakout rally retesting the 200-day SMA after the supply inflow at $37. And as we mentioned in our previous article, the retest rally gains bullish, resulting in a successful post-retest reversal. Moreover, the reversal rally forms three consecutive bullish candles representing an increase in trend momentum.

Source — Tradingview

BTG Technical Analysis

The 15% recovery offers the sidelined buyers to grab BTG as it gains bullish momentum. Moreover, the rounding bottom completion will account for a 12.55% jump, potentially reaching the $45 mark. The recent pullback found practical support from breached 200-day SMA, bolstering the resumption of the recovery rally. Moreover, the 50 and 100-day SMA bullish crossover confirms uptrend continuation. The rising daily-RSI slope jumps above the 14-SMA shows the market participants feel optimistic about Bitcoin Gold. Bullish momentum is weak despite a narrow spread between the fast and slow lines. Moreover, the MACD indicator, holding above the neutral line, suggests the buyers possess an upper hand. In a nutshell, the BTG Technical Analysis projects an upcoming bullish trend as the demand for the token increases.

Upcoming Trend

If the BTG price action completes a rounding bottom with a jump to $37, a bullish breakout will fuel the uptrend to reach $45. However, a bearish reversal will test the support level at the $30 mark. Resistance Levels: $37 and $45 Support Levels: $30 and $26.5

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