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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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ETH/USD

3,408.65 Price
+10.520% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

XRP/USD

1.41 Price
+27.100% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

BTC/USD

99,057.85 Price
+4.870% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

US100

20,733.30 Price
+0.420% 1D Chg, %
Long position overnight fee -0.0241%
Short position overnight fee 0.0019%
Overnight fee time 22:00 (UTC)
Spread 1.8

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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