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Crypto Technicals: BTG/USD slumps over 17%, hits 2-month lows at 12.50

BTG/USD chart - Trading View 

Exchange - Bitfinex

Technical Analysis: Bias Turning Bearish

Support: 20.32 (50% Fib), 18.37 (200-DMA), 17.43 (61.8% Fib)

Resistance: 23.90 (110-EMA), 25.72 (5-DMA), 26.27 (55-EMA)

BTG/USD has nose-dived in the past 1 hour to hit 2-month lows at 21.50.

The reason for the sudden downside is unclear as of now. 

The pair has slumped over 17% on the day, bias is turning bearish.

Price action has slipped below 110-EMA support. Breaks below 38.2% Fib retracement.

Stochs and RSI are sharply lower. Volatility is rising. Bearish RSI divergence adds to the downside bias.

Bears likely to target next major support at 50% Fib at 20.32. Further weakness will see test of 200-DMA at 18.37.

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

By Anupama Grandhi
  • Market Data
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