after finding support at the 50-day EMA, but it remains in a downtrend overall.
The continuing to improve underlying bullish sentiments touch a potential uptrend within the falling channel with multiple long-tail daily candles.
After the rounding bottom breakout, the Bitcoin Gold (BTG) price trend shows a bearish reversal from the $35 resistance level. The downtrend establishes a falling channel and accounts for a 35% drop in three weeks to test the 50-day moving average.
With the help of a 50-day EMA, the price trend shows a bullish reversal from the falling channel's support trendline. Multiple low price rejections near the supporting EMA increase the likelihood of an uptrend to the overhead resistance trendline.
BTG is currently trading at $25.80, up 2.30 in the last 24 hours, indicating the possibility of a bullish engulfing candle formation. However, before reaching the trendline, the bullish trend may encounter resistance at $27.00 and the 200-day EMA.
The RSI indicator displays a downtrend under the influence of a resistance trend line moving along with the 14-day average line. However, the recent reversal within the nearly oversold zone may challenge the resistance confluence shortly.
The fast and slow lines in the MACD indicator project a chance of a bullish turnaround teasing a crossover event. Hence, the technical indicators maintain a bullish bias for the BTG prices.
The RSI indicator shows a downtrend influenced by a resistance trend line moving in parallel with the 14-day average line. However, the recent reversal within the nearly oversold zone suggests that the resistance confluence may be tested soon.
The MACD indicator's fast and slow lanes forecast a bullish turnaround, teasing a crossover event. As a result, the technical indicators continue to prefer BTG prices.
KEY LEVELS :
RESISTANCE LEVEL : $27.00-$29.00
SUPPORT LEVEL : $25.00-$24.00
