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Bitcoin Gold price forecast: BTG rises over 185 percent

 


Bitcoin Gold price is up over 165% this month and more than 185% since the June bottom . Will the BTG price continue to rise?


Bitcoin Gold price surges over 185%, hitting golden ratio resistance

Bitcoin Gold price is up over 185% so far since BTG bottomed around $13.5 in June. However, the monthly candle will close tomorrow and so far BTG is sitting below the golden ratio resistance around USD 36. A monthly close above it would indicate a continuation of the upward movement.


Can BTG price break the 50-week EMA?

In fact, the weekly candle could also close below tomorrow, which would be bearish in the near term. The BTG price briefly reached the 50-week EMA at around USD 39, which has not yet been bullishly broken. Instead, BTG seems to be turned away from it.


If the BTG price breaks the 50-week EMA, Bitcoin Gold will encounter the next significant resistance between USD 43.75 and USD 48.5. In addition, the MACD in the weekly chart is clearly bullish, because the histogram has been ticking bullishly higher for several weeks and the MACD lines are bullishly crossed. The RSI is neutral.


Bitcoin Gold price could now correct to around USD 29

If BTG price fails to close above the golden ratio around $36 today, BTG price could correct to the 0.382 Fib support at the 200-day EMA around $29. If BTG is not able to bounce off strongly there, the BTG course may correct itself to the golden ratio at around USD 23. In addition, the 50-day EMA rushes around $20.7 as additional support.


Despite the possibility that BTG could now be rejected in a bearish manner on the golden ratio, the MACD is clearly bullish on the daily chart. The histogram is ticking bullishly higher and the MACD lines are also bullishly crossed. The RSI reached overbought regions, but is giving neither bullish nor bearish signals.


Golden crossover on the 4H chart confirms the trend bullish in the short term

In the 4H chart, however, the histogram is already ticking bearishly lower and the MACD lines could also cross bearishly soon. However, the RSI is also neutral here. In addition, a golden crossover was established in the 4H chart, which confirms the short-term bullish trend.


BTG price is facing resistance against BTC at 0.382 Fib

The BTG price was able to break the 50-week EMA against BTC, which the Bitcoin Gold price has not been above since September. In addition, the MACD is clearly bullish in the weekly chart, because the histogram is ticking bullishly higher and the MACD lines are bullishly crossed.


BTG is currently encountering resistance at around 0.00151 BTC at the 0.382 Fib resistance and should BTG break the resistance, the next significant Fibonacci resistance awaits at around 0.0022 BTC.


BTG price could correct around 15.5%

Should BTG now be rejected in a bearish manner, significant Fibonacci supports await around 0.001189 BTC and around 0.00093 BTC. That implies downside potential of around 15.5% to 35%.


However, the MACD in the daily chart is clearly bullish, because the histogram is ticking bullishly higher and the MACD lines are also bullishly crossed. The RSI is neutral.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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