Bitcoin Gold (BTG) are currently ranked in the top cryptocurrency by capitalization, but it is possible that this will not last long.
Despite the sharp rise in the price up to a maximum of 413,74 dollar on 24 November and the doubling of prices since November 19, the majority of investors still skeptical about BTG. Comments on social networks indicate that investors believe that the token is overrated, and opportunities for real use little, if any.
As a result, the growth to more than $ 400 looks speculative, especially if traders do not see real use cases of this cryptocurrency.
Technical analysis says also confirms that soon, perhaps, comes the correction.
At the time of publication of the article, the price of BTG is 352 the U.S. dollar, in recent days, the price fell by 2.5%, according to CoinMarketCap. However, over the past 7 days, the cryptocurrency has grown by about 182%.
The above chart shows:
Bullish breakout, which faced strong resistance and was unable to overcome the resistance of the uptrend.The relative strength index losing altitude, and this means that the bulls are losing control.Bullish breakout is usually a signal of further growth, but the price was able to cope with the resistance of rising trend-line.
That bullish breakout so quickly exhausted itself, indicates the possibility of reducing the level to $ 250 in the short term.However, a break above $ 400 in the near future may lead to increase to record highs above $ 480.