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Crypto Technicals: BTG/USD rejected at 55-EMA, minor weakness to ensue

BTG/USD chart - Trading View 

Exchange - Bitfinex

Support: 8.307 (21-EMA); Resistance: 8.984 (55-EMA)

Technical Analysis: Bias turning slightly bearish

Bitcoin Gold has been rejected at 55-EMA resistance, scope for weakness below 21-EMA.

The pair has been extending sideways trade since September 25th and has likely bottomed out at 4.00 mark.

However, 55-EMA is offering stiff resistance. Breakout required for further upside.

Technical indicators have turned slightly bearish. RSI has turned and Stochs have rolled over from overbought levels.

21-EMA is immediate support at 8.307. Break below will see further weakness. Dip till lower Bollinger band at 7.202 likely.

That said, 'Bullish Divergence' will limit downside. Also, there is a gradual shift in bias and breakout at 55-EMA will aid upside. 
 

By Anupama Grandhi
  • Market Data
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