BTG Bitcoin Gold - Full retraceNot financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
In our friendly group, we took a close look at Bitcoin Gold back around August 2018 and hopefully at this point everyone has seen the BTGUSDLONGS chart. I don't want to get into that right now, but feel free to take a look if you'd like. We watched the flat top wedge form and traded the breakout. There was some crazy price action at the top (as you can see by that crazy candle) and we got out.
Now we're sitting at almost a 100% retrace, so the question is... are we done here and finding a good support or are we going to continue more red.
My gut feeling is we're going to fail this support and fall more but it depends on what the price action is doing. What I can see right now is yesterday there was plenty of buying but more selling (causing a long wick on top of the small candle body). Similar candles can be seen in the immediate past (within the last 2 weeks). This does not look good for BTG.
I said I wouldn't get into the BTGUSDLONGS chart but here I go anyway. If that person decides to unload that position, they hold such a large position it will likely crash the price of BTG and fast.
All in all, I would stay away from Bitcoin Gold until it decides what it wants to do.
Trade safely my friends
<3 -CE-
