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Bitcoin Gold analysis: downtrend appears strong

By Nathan Batchelor

14:55, 27 August 2020

Bitcoin Gold analysis

Bitcoin Gold remains under pressure against Bitcoin, with the downtrend in the BTG/BTC pair likely to accelerate over the coming weeks.

Bitcoin Gold analysis shows that various bearish patterns are projecting further steep losses ahead.

Bitcoin Gold medium-term price trend

Bitcoin Gold has been moving lower against Bitcoin since early July, as the pair weakens below its trend defining 200-day moving average.

Bitcoin Gold technical analysis shows that a bearish breakout from a descending triangle pattern is close to taking place.

Bitcoin Gold medium-term price trend

A confirmed breakout under the descending triangle is likely to be a significant development, as the pair has been trapped inside the pattern for more than eight months.

The daily time frame highlights that a decline below the current 2020 low could trigger heavy double-digit losses for the BTG/BTC pair.

Overall, the current downtrend in the BTG/BTC pair looks set to accelerate.

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Gold

2,684.48 Price
-0.830% 1D Chg, %
Long position overnight fee -0.0170%
Short position overnight fee 0.0088%
Overnight fee time 22:00 (UTC)
Spread 0.30

BTC/USD

77,025.00 Price
+1.420% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Oil - Crude

70.25 Price
-2.480% 1D Chg, %
Long position overnight fee 0.0060%
Short position overnight fee -0.0279%
Overnight fee time 22:00 (UTC)
Spread 0.030

XRP/USD

0.56 Price
-0.860% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Bitcoin Gold short-term price trend

Bitcoin Gold price analysis over the short term shows that a head-and-shoulders pattern is warning of more short-term losses.

The four-hour time frame shows that a bearish breakout under the neckline of the pattern has already occurred.

Bitcoin Gold short-term price trend 

Additionally, the MACD and RSI indicators on the mentioned time frames are both issuing sell signals.

With the above technical factors in mind, more short- and medium-term losses appear likely.

Bitcoin Gold technical summary

Bitcoin Gold technical analysis suggests that the cryptocurrency could soon fall to a fresh all-time record low.

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