Bitcoin Gold Price Analysis: BTG Gearing Up for a Massive Rally?


  • BTG’s intraday volume stands at $2,398,144.00.
  • Bitcoin Gold’s EMA(10) shows a downward trend.
  • BTG faces resistance at $21.65.
  • Bitcoin Gold shows bearish momentum over the weekend.

03 October 2022 : In this article we will walk you through Bitcoin Gold price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Bitcoin Gold, Is BTG a good investment? Bitcoin Gold support & resistance levels etc. But before diving deep into the BTG technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $938,674,107,757. The total trading volume stands at $53,771,713,429. Bitcoin shares 39.72 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,449.78 level after an upward movement of 1.29%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.85 percent reaching to $1,321.44 during the previous 24 hours.
While publishing this blog, BNB traded at $287.58, following a price change of 1.59% within the same time frame. XRP the native coin of XRP is down by -1.56 and currently trading at $0.45. Additionally, Cardano reached $0.43 after seeing a uplift of 0.31% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Bitcoin Gold Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Bitcoin Gold (BTG)

BTG Resistance Levels BTG Support Levels
Resistance Level 1 $21.65 Support Level 1 $19.89
Resistance Level 2 $22.66 Support Level 2 $19.14
Resistance Level 3 $23.41 Support Level 3 $18.13

Bitcoin Gold Performance

The daily chart of Bitcoin Gold shows that the BTG price has surged up with a 0.23% increase in past 24 hours. The price value of the Bitcoin Gold (BTG) coin is standing at $20.10 with market capitalization $352,108,022.00 USD. BTG price changes -4.73% over the week while the trading volume is hovering around $2,398,144.00 USD.

Bitcoin Gold Price Analysis

BTG price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Bitcoin Gold.

Moving Averages Price Indicator
Simple Moving Average (10) 20.71 Sell
Exponential Moving Average (10) 20.64 Sell
Simple Moving Average (20) 21.50 Sell
Exponential Moving Average (20) 21.39 Sell
Simple Moving Average (50) 23.72 Sell
Exponential Moving Average (50) 23.59 Sell

RSI implying near oversold phase while trading at 38 and is trying to break out of the bearish zone. The first support level for Bitcoin Gold is at $19.89 while the second one is at $19.14. While taking about resistance the BTG has R1 and R2 at $21.65, $22.66 respectively. The BTG/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market. While BTG’s Williams %R indicator is at -63.028 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

From the technical analysis, the overall trend of the Bitcoin Gold is still bearish; however, the price action might shows an attempt a bullish reversal with its bullish engulfing candle pattern. Therefore, if BTG manages to stay above $19.89, it can provide an excellent long opportunity for BTG communnity.