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Crypto Technicals: Bitcoin Gold (BTG) struggles to extend break above 200H MA, set to resume weakness

Mon, 02 Dec 2019, 07:38 am UTC

BTG/USD chart - Trading View

Exchange - Bifinex

Support: 4.425 (Trendline); Resistance: 6.491 (5-DMA)

Technical Analysis: Bias Bearish

Bitcoin Gold (BTG) trades below 5-DMA, bias has turned bearish, scope for further weakness.

BTG/USD was trading 4.64% lower on the day at 6.175 at 07:25 GMT, after closing 0.80% higher in the previous session.

The pair has failed to hold break above 200H MA and has slipped lower to break below 5-DMA.

A potential 'Death Cross' (bearish 50-DMA crossover on 200-DMA) on the hourly charts raises scope for further downside.

Volatility is rising on the intraday charts and Stochs and RSI are biased lower.

Scope for test of trendline support at 4.425. Retrace above 5-DMA could see minor upside till 21-EMA (6.491).

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