Bitcoin Gold May Continue Bearish Momentum; Should You Hold BTG?

Bitcoin Gold (BTG) has dropped from its highs of $162 over the year and is currently trading at $24. The bears have successfully pushed the token to its lows crossing the downtrend line and rejecting the uptrend line. The coin was not able to sustain the $24 mark. BTG shows the constant formation of lower peaks and bearish candles.

The weekly chart shows that BTG has moved below the Support Line, and an upcoming downtrend pattern can be expected till the price reaches the lower low of $12. The Bitcoin Gold token even rejected the uptrend line stretching over since January as the prices kept declining.

The BTG price prediction can be made by splitting the time into sub-periods, i.e., the 4-hour time frame chart. There was a hidden bullish divergence between the price and the RSI indicator; however, the price couldn’t rise even though the volume favored bulls.

On the daily chart, the BTG price is below the 100-day moving average, and the candles have closed below the Support Line, thus indicating bearish momentum. The MACD line is below the Signal Line, and the histogram chart shows continuous red candles from the past few days.

The Bitcoin Gold price had already reduced by 79% since the MACD indicator gave the sell signal. The RSI is at 27 in its oversold zone, and a turnaround in the Bitcoin Gold coin can be expected once it leaves the oversold zone.

The investors show negative sentiments for an uptrend price pattern in the upcoming days. An efficient market appraisal can be expected if the investors support the trading volume and show positive sentiments for a reversal from the current scenario.