Bitcoin Gold analysis: downtrend appears strong
14:55, 27 August 2020
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.
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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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.
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.