BTG Technical Analysis: Will BTG Rise To $37 After Successful Retest?

The BTG price shows a successful post-retest reversal from $26.55, teasing a bull run to $37 if the market value exceeds the $30 resistance level. Key Technical Points: The Bitcoin Gold (BTG) prices show lower price rejection resulting in a jump of 11.46% in the last 24 hours. The last night reversal is a successful retest of the rounding bottom breakout with a neckline at $26.55. With a market cap of $523 million, the Bitcoin Gold prices are trading 68% lower than the 52-week high of $94.49. Past Performance of BTG As warned as a possibility in our previous article, the BTG prices show a bearish reversal from the $37 resistance level to retest the $26.5 support level. Hence the bitcoin gold prices are down by 18% over the last four days, but due to last night’s lower price rejection, the 24-hour percentage change is +11%. Furthermore, the lower price rejection successfully retests the bullish breakout of a rounding bottom pattern. Currently, the prices face resistance from the $30 horizontal level, evident by the wick formation in the daily candles. Source – Tradingview BTG Technical Analysis As the BTG prices take a bullish reversal, traders can expect the $30 breakout rally to retest the weekly high of $37. However, due to the volatile market conditions, traders must wait for a price action confirmation to avoid traps. With the low price rejection, Bitcoin Gold tests the 200-day SMA and sustains above it, resulting in an in...