- BTGUSD price is making a successful pullback from the $19.517 demand zone.
- The Bitcoin Gold price gave returns of 16.72% through the week.
Founded in 2017, the Bitcoin Gold (BTG) network aims to combine the security and strongness of the Bitcoin blockchain. BTG was initiated as a user-friendly alternative to Bitcoin and has a maximum supply of 21,000,000 BTG. 30% of BTG tokens went toward the development of the project and blockchain and 15% were distributed amongst the BTG community.
Important Levels and Major Changes in the BTG Price
Unlike most cryptocurrencies, the BTG price has shown a major pullback early in June 2023. The price has observed a huge pullback of 143% from the $10.368 extreme support level. Conversely, the rally was also responsible for a major change of character. The price showed another bullish rally from the $12.181 demand zone to the $29.468 resistance level.
The BTG price is moving in an upward direction and the buyers are strongly supporting the direction. Bulls are aiming for the $35 and $44 resistance levels respectively which are achievable with the current volume levels.
Furthermore, the BTG price is trading at $25.225 level and is 943.79% above its all-time low level. According to CoinMarketCap data, after an upsurge of 127.34% in the 24-hour volume, BTG ranked 165th out of the 8,809 active cryptocurrencies.
Technical Analysis of the Bitcoin Gold Price
After the major change in character, the 50 and the 200-Day EMAs had a golden crossover, maintaining the price in an uptrend. The distance between these two EMAs is increasing, which indicates a strong uptrend.
In the current market phase, the BTG price is forming a bullish pattern which is mostly used in trapping the sellers. The price is giving bullish reactions from the $19.517 and the $21.412 decisional demand levels.
Mainly, the price is moving toward the recent resistance level of $29.468. In the last few sessions, candles are clearly showing rejections from the downside. If the price sustains above that level, it may soon rise to the $37.236 and the $44.095 resistance levels
Moreover, the relative strength index (RSI) slope has overcome the internal bearish divergence at the 50-mark middle band. This indicates the momentum is totally in control of the buyers.
Conclusion
The BTG price is making higher high and higher low formations which is a sign of an uptrend. It is getting bullish reactions from the $19.517 and the $21.412 decisional demand levels. The EMAs and other technical indicators confirm the strong buy signals.
Technical Levels
- Resistance Levels: $29.468, and $37.236
- Support Levels: $19.517, and $10.368
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.