- The BTG token price is trading at the breakout zone after falling strongly.
- The BTG token price broke the inverted head and shoulder pattern on a daily time frame.
- The pair of BTG/BTC is trading at the price level of 0.001178 with an increase of 2.12% in the past 24 hours.
The BTG token price is currently trading at the breakout zone, after failing to move higher. As of now, the token price is consolidating at the demand zone. The BTG token price broke the important supply zone as it was forming an inverted head and shoulder pattern on a daily time frame. The BTG token price broke the important supply zone with a strong bullish candlestick pattern on a daily time frame. The BTG token price is forming higher high and higher low formation on a daily time frame. Despite the recent bearishness in the overall cryptocurrency market, the BTG token price has been able to sustain above the breakout zone. The BTG token price is trading at the lower band of the Bollinger band indicator after failing to surpass the upper band. The BTG token price is trading below the 100 and 14 Moving Average and Simple Moving Average respectively. Moving upwards the token price can be seen facing strong rejection from the supply zone. Although the token price is yet to break the 50 MA and therefore it can act as a strong demand zone, while the token falls. Volumes have increased during the breakout phase and as of mow during the recent fall, it has been normal. Investors should remain cautious and wait for a proper sign of a bounce back.
The BTG token price is trading at the breakout zone, will it bounce back?
Relative Strength Index: RSI curve is currently trading at the level of 47.51. RSI curve is yet to cross the halfway mark of 50. Once the token price bounces off the demand zone, the RSI curve can be seen moving upward crossing the halfway mark of 50, supporting the trend of the BTG token. The RSI curve has also crossed the 14 SMA downward indicating some bearishness before the further upwards movement.
Supertrend: The BTG token price fell as it faces strong rejection from the supply zone. Until now the token price was continuously resting at the super trend buy line but recent bearishness led to a breakdown of the super trend.
line. As a result, the token price fell and the super trend indicator triggered a sell signal. Moving upward the BTG token price can be seen facing strong bearish pressure while approaching the supply zone.
Moving Average Convergence Divergence: MACD indicator has given a negative crossover as the token gave a breakout of the supply zone. The blue line crossed the orange line on the downside. This has resulted in the token price falling within a 4-hour time frame. Recently the BTG token price fell after the breakout of long-term resistance. Once the token price starts moving up again after retesting the breakout zone, the MACD indicator can be seen giving a positive crossover and the gap between the blue and orange lines can be seen widening supporting the trend.
CONCLUSION: The BTG token price, as per the price action, is bullish on a higher time frame. For a short-term period, the token price has moved into a bearish trajectory as the technical parameters suggest. Although the recent fall in the price has acted as a retest of the previous breakout zone. It remains to 1see if the token price will successfully bounce off the demand zone or fails to do so and fall further below the breakout zone.
SUPPORT: $24 and $22
RESISTANCE: $37 and $41
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.