Bitcoin Gold Price Analysis: More Than 1000% Increase in BTG’s Trading Volume, How to Survive 

• The Bitcoin Gold Coin (BTG) broke the downsloping trendline last night.
• BTG investors are moving towards the 200-DMA as a bullish barrier today.
• Speculators saw an incredible 1014% increase in trading volume to $64.4 million last night.

The recent volatility of the Bitcoin Gold Coin (BTG) shattered the bears’ hopes as they were aiming to break the price below $20. Last night, the asset price crossed a sharp sideways zone on the daily price scale.

The month of August was dominated by sellers of the BTG token as the price was seen below the downsloping trendline (bottom of the chart). Sellers continuously convert each RSI into a sell. Later, buyers may struggle with each swing rise after a bearish trendline breakout.

Source: BTG/USDT by Tradingview 

The correlation between bitcoin and bitcoin gold coins according to the correlation coefficient indicator on the daily price scale is 0.86. Therefore, BTC is trading higher at the $25.1 mark against USDT in the intraday trading session. Similarly, the BTC/BTG pair price is up 13.6% at 0.001262 Satoshis.

The market reached $440 million with a gain of 14.5% in the last 24 hours. BTG investors are approaching the 200-DMA as a bullish barrier today. Meanwhile, speculators saw an incredible 1014% increase in trading volume to $64.4 million last night. This incredible increase in volume reflects the accumulation of new investors.

Price Struggle at 200-DMA on Daily Price Scale 

Source: BTG/USDT by Tradingview 

On the daily price scale, the RSI indicator has crossed a semi-line (50-point) after a reversal from lower levels. Similarly, MACD is going to show a bullish crossover today; Although both the moving lines remain in negative regions.

Conclusion

Bitcoin Gold Coin (BTG) is still looking in a horizontal range below $26.5 despite a 14.5% gain. Now the bears are attempting to keep the BTC price below the 200-day SMA.

Support level – $20 and $14

Resistance level – $40 and $50

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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