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Bitcoin Gold price forecast: BTG bounces off Golden Ratio

 


Bitcoin Gold price prediction: BTG bearish dismissed

In the last Bitcoin Gold price forecast , which was three weeks ago, we wrote: “ Bitcoin Gold then found support at around USD 23.7, almost 2.4% above our correction target of the golden ratio, and is currently about to break the 50-day mark -EMA to break around $25.3.  Then BTG will find the next significant resistance at around USD 29 and USD 33. If BTG is rejected at this, it could return to the golden ratio support around USD 23. 

Bitcoin Gold price returned to golden ratio support around USD 23

Bitcoin Gold price was bearishly rejected at the 200-day EMA around $28 and subsequently returned to golden ratio support around $23. There, the BTG price was able to bounce off very strongly to rise again to the 200-day EMA at around USD 28.


In addition, the BTG price is facing significant resistance at around USD 27 at the 0.382 Fib level. If BTG breaks both resistances, it will find the next significant Fibonacci resistance around USD 30.


In addition, the histogram of the MACDs in the daily chart is ticking bullishly higher and the MACD lines are also crossed bullishly, while the RSI is neutral.


A golden crossover could be on the horizon on the 4H chart

On the 4H chart, the EMAs are about to establish a golden crossover. This would confirm the trend as bullish in the short term. In addition, the histogram of the MACD is ticking bullishly higher. However, the MACD lines are still bearishly crossed.


Will the Bitcoin Gold price break out bullishly?

On the weekly chart, the MACD lines are a bullish crossover and last week the histogram ticked bullishly higher after three weeks of ticking bearishly lower. This week, however, it starts ticking bearish lower again.


Should BTG break the resistance at around USD 30, the next significant Fibonacci resistance awaits at around USD 36. Also, the 50-week EMA is acting as additional resistance at this price level.


September has been bullish for the BTG price so far

September has been bullish for the BTG price so far. Because by bouncing off the golden ratio support at around USD 23, the BTG price could target the Fibonacci resistance at around USD 36, where Bitcoin Gold was previously rejected in a bearish manner.


Should BTG break the Fib resistance around USD 36, horizontal resistance awaits the BTG price between USD 42 and USD 48.5.


Against BTC, the BTG course is rather bearish

Against BTC, the histogram of the MACDs in the monthly chart has been ticking bearishly lower again since last month. In contrast, the MACD lines are still crossed bullishly, while the RSI is neutral.


On the downside, BTG finds significant Fib supports around 0.00107 BTC and 0.00075 BTC. Significant Fib resistance awaits on the upside at around 0.0015 BTC and 0.0021 BTC. Additionally, the 50-month EMA at 0.002872 BTC is acting as a significant resistance.


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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