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Crypto Technicals: BTG/USD recovery lacks traction, weakness likely to continue

BTG/USD chart - Trading View 

Exchange - Bitfinex

Support: 13.33 (78.6% Fib); Resistance: 16.04 (21-EMA)

Technical Analysis: Bias Bearish

Bitcoin Gold trades 1.68% lower on the day at $13.87 at 06:55 GMT.

BTG/USD has halted 2 straight sessions of gains and has resumed weakness.

Recovery in the pair lacks traction, further weakness in the pair likely.

Major trend in the pair is bearish as confirmed by GMMA indicator. 

Volatility is extremely low on the intraday charts. Momentum highly bearish.

Oscillators are in oversold territory, but no signs of reversal seen.

Price action hovers around 78.6% Fib. Resumption of downside will see test of 88.6% Fib at 10.88.

On the flipside, 21-EMA (16.04) is strong resistance, break above could see further upside.
 

By Anupama Grandhi
  • Market Data
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