A hardfork of Bitcoin (BTC), with the purpose to change the proof of work algorithm so that application-specific integrated circuits (ASIC) cannot be used to mine the Bitcoin Gold blockchain. How BTG Has Been Faring The past week has been positive for Bitcoin Gold (BTG). The opening price of BTG on February 9, 2021, was $0.000302 BTC. As of February 14, 2021, BTG closed at $0.000537 BTC. Thus, the price has risen by approx. 78% in the past week. In the last 24 hours, BTG has been trading between $0.0004 BTC- $0.000675 BTC. https://ift.tt/3rSVGUA Swing Traders Day’s in BTG Currently, BTG is trading at $0.00057 BTC. It has increased from the opening price of $0.000538 BTG. The price is above the SMA and EMA lines indicating that BTG price is poised for a further rise. The A/D line is continually rising. Thus, whale accumulation is higher than whale distribution. This means the market is healthy and we can expect the price to increase further. However, the OBV indicator is falling. This means selling volumes are higher than buying volumes. A brief price pullback may occur. The RSI indicator is at 39%. It is moving towards the 30% mark. This implies that the crypto is being oversold. Large scale offloading by whales may lead to a price pullback. The Stochastic oscillator has already fallen below the 20% mark into the ‘oversold’ region. This is the right time for swing traders to go long. However, a bullish crossover by the actual stochastic line above the 3-day SMA line indicates that the BTG price will start rising again. The AO indicator is negative. The ‘sell’ signals are also pretty strong. Besides, both the MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line indicates that a price pullback is imminent. Both the price and ADX line are falling. Thus, the bearish momentum is strong. The market is losing its breath. Hence, the ADX indicator gives further credence to a price pullback. However, looking at the 7-day price chart, we can say that price corrections are occurring in the BTG market. The bullish trend is likely to continue with intermittent price adjustments. Currently, the price is above the Fibonacci pivot point of $0.0005 BTC. By the end of the day, if the BTG price is able to close above the first Fibonacci pivot resistance level of $0.0006 BTC, then the uptrend will continue tomorrow as well. However, if the price falls below the first Fibonacci pivot support level of 0.0004 BTC, then probably a downtrend has set in. The price has already tested the 61.8 FIB retracement level of 0.0005 BTC. If it surges past the 23.6% FIB extension level of $0.0007 BTC by tomorrow, the uptrend will continue.
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