Bitcoin gold : Symmetrical Triangle Chart Pattern (only view)We saw the Symmetrical Triangle Chart Pattern. But, these are 2 option may be going on.
Buy or sell, depend on what's next price action.
*only view : It is only my opinion about current market, isn't a recommended strategy
BTGUSD
Bitcoin Gold Price TrendThere were good gains in bitcoin gold price above the $320 support against the US Dollar. The price gained traction and broke a few important resistance levels like $340 and $350. It even moved above the $400 level and traded as high as $419.20 from where it started a downside correction. BTG declined below the 38.2% Fib retracement level of the last wave from the $220 low to $419 high.
However, the downside move was protected by the $320 support area and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $220 low to $419 high also acted as a support. On the downside, there is a crucial bullish trend line forming with support near $350 on the hourly chart of BTG/USD. The pair is currently placed well above the $340-350 support levels and is preparing for more gains. The trend line support at $350 is also near the 100 hourly simple moving average.
BTGUSD $488+ After Correction? Elliot Wave AnalysisPreface - don't enter long now, at the price of posting, this is a long idea at ~320-296
Why I think this:
Short-term bearish indicators
-Bearish RSI divergence on shorter candle lengths (blue line on RSI graph)
-Bearish MACD divergence seen on longer candle lengths (4h for example)
-RSI showing a lower low for each lower low, showing a likely continuation short-term (white line on RSI graph)
-This is showing a likely at least a retest of the previous support at the 50% Fibonacci retracement.
Longer-term bullish indicators
-Super strong volume on breakout of consolidation phase
-Strong RSI on longer candles lengths (again, seen on 4h) from high to high showing a continuation after correction which is also shown short-term on longer candles like 4h where low to low it's reaching lower RSI)
Please leave any feedback/comments below. If I don't reply feel free to PM me (I have been having trouble responding to people in my comments for whatever reason)
BTG may have found bottom$338 has mild support could be a good entry point. It's only bounced off the 0.618 level a couple times meaning mild testing. Watch btg closely, could reach ATHs ny the end of the week
BTG/USD - Are we going up to 500$?If the trend continues then we can reach it. No drastic falls, the price is stable, and ready to go up. Indicators started to fall to the over sold area, and we have a simmilar pattern like on the 300$. You can see side move, but the trend can change fast. If you have btgs or if you are planning to buy some then be prepare to overbreak, and be careful.
BTGUSD bitcoin gold long ideaI ended up with a few BTG coins after the split and I'm pretty happy now that I didn't sell them straight away. Here's a 2 hour chart long outlook. I would expect some kind of correction here and then a bullish move higher to the $600 range. After that we'll see I guess. You could always sell here and wait for the correction to get a better position but I'm usually a holder through this midway point as it doesn't make that much of a difference If you go market pricing (unless you set sell and buy orders for the price you want.) I'm comfortable holding here and selling at the top.
BTG Next leg up or sharp correction?We are currently at a crucial point in BTG. The correction from the $477 high may have completed at $150 or we are seeing a sharp ZIG ZAG correction unfolding that should terminate at the $420 zone and head back down.
Pushing to a new high would of course void this outlook and we can consider higher prices to come as we head into Primary 3
BTG short tradeBITFINEX:BTGUSD
If the up trend line holds we can see a break out on the up side, watch for the classic fib resistance before putting your order.
On my watching list.
BTG/USD - Two possible scenarios in the next few daysGreen.: Start to draw a Head and Soulders pattern (top of the head.: 300-320$)
Red.: It's go down, back to the 160-170$
Bitcoin Gold stuck at trendlineFollow up to a previous post...
Outlined these trendlines earlier and suggested the price was moving to the upper trendline. This trendline is now bit of a resistance level. I'm not selling right now, a break through this trendline will be exciting. No price target atm, not appropriate to draw fib retracements right now.
