Bitcoin Gold (BTG) is an altcoin that is hard-forked from the Bitcoin codebase. It is a decentralized platform that allows miners across the globe to mine on common GPUs. Thus, it ensures that a few big players do not dominate the BTG market. It connects businesses, services, integrators, and retailers to facilitate the development of customized solutions that maximize benefits for the end-user/consumers.  The following BTG technical analysis will predict the price momentum for the next few days:

Past Performance

On May 25, 2021, BTG opened at $63.54. On May 31, 2021, BTG closed at $59.71. Thus, in the past week, the BTG price has decreased by approximately 6%. In the last 24 hours, BTG has traded between $57.11-$60.87.

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Day-Ahead and Tomorrow

Currently, BTG is trading at $58.36. The price has decreased from the day’s opening price of $59.71. Thus, the market seems bearish.

The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to start rising.

Currently, the RSI indicator is at 57%. It faced rejection at 51% and rose to this level. Thus, buying pressures are slowly building up. Hence, like the MACD oscillator, the RSI oscillator is also indicating that the BTG price may start rising in some time.

Besides, the OBV indicator is steadily rising too. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the BTG price. There is bullish divergence here. Hence, a bearish trend reversal may occur in some time.

In a nutshell, all three oscillators have indicated an impending price rise. However, we have to wait and watch if the price rise is a temporary market corrective action or indicative of a trend reversal.

BTG Technical Analysis

Currently, the price is below the Fibonacci pivot point of $59.23. The price may soon rise above the pivot point and break out of the first resistance level of $60.67. Thereafter, we have to wait and watch, if the price rise sustains till day end.

The price has tested and fallen below the 50% FIB retracement level of $58.99. However, the price may soon break out of this level and surpass the 61.8% FIB retracement level of $59.43. In that case, a price uptrend has set in and is likely to continue tomorrow as well.