Crypto Technicals: BTG/USD tests 55W SMA, break below targets 18.48 (200-DMA)

BTG/USD chart - Trading View

Exchange - Bitfinex

Support: 18.48 (200-DMA); Resistance: 23.75 (110-EMA)

Technical Analysis: Bias Bearish

Bitcoin Gold slumps lower, tests 50W SMA at 19.74, bias bearish.

BTG/USD down over 35% in this week till date. Price grinding lower after successive Doji's at highs.

Technical studies paint a bearish picture. Stochs and RSI are sharply lower.

A bearish divergence adds to the downside bias. ADX is rising in support of the downtrend.

Next bear target below 55W SMA lies at 200-DMA at 18.48. Break below 200-DMA required for further weakness.

That said, oscillators have approached oversold territory. Minor pullbacks likely before next leg lower.

5-DMA is immediate resistance at 22.26. Break above could see upside till 110-EMA (23.75)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.