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Cryptoknowmics 2022-07-29 09:26:19

BTG Technical Analysis: Can Bitcoin Gold Prices Sustain Above $30?

The BTG price has experienced a phenomenal bullish drive of a 75% jump in the last four days resulting in the $30 breakout. Key Technical Points: The BTG prices jumped by 29% in the last 24 hours. The bullish reversal breaks above the 200-day SMA and teases a bullish crossover of the 50 and 100-day SMA. The 24-hour trading volume of Bitcoin Gold is $311 million, indicating a hike of 80%. Past Performance of BTG As teased in our previous article, the BTG prices reversed from the $20 mark to jump 75% in the last four days. As a result, the bull run exceeds the $30 mark and approaches the next resistance level at $38. Additionally, the price action displays a rounding bottom breakout with a neckline of $26.5 and exceeds the 200-day SMA. However, the daily candle shows a long-wick formation from the $38 mark, reflecting a slight increase in selling pressure. Source – Tradingview BTG Technical Analysis The BTG price chart shows the volume indicator depicting a spike in the intraday trading volume, reflecting an increase in buying pressure. However, the buying pressure may shortly sabotage the sellers’ uprising to exceed the $38 mark. With the market value exceeding the 200 days average line, the bullish influence on the 50 and 100 days SMA increases. This increases the likelihood of a bullish crossover shortly, improving the market sentiment. The phenomenal increase in market value reflects an increased underlying bullishness as th...

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