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Bitcoin Gold price analysis: Short term breakdown supports medium term downtrend

FX Street
Updated:
  • BTG breaks down on immediate chart.
  • Medium term resistance plays spoil sport too.

Bitcoin Gold, the forgotten cousin of the largest cryptocurrency Bitcoin, has broken down on the short term chart, at the same time medium term chart of the crypto has played a spoil sport by throwing resistance that bulls couldn’t cross.

BTG/USD is down 0.15 percent on day at $25.13 and trading in a bout 2 percent range for the day. On the 15-minute chart, BTG has broken down of a triangle which has a target of $23 on the downside.

This breakdown exacerbated due to the resistance provided on the hourly chart of the crypto which the bulls have not managed to cross in the recent uptick.

BTG/USD 15-minute chart:

BTG/USD 60-minute chart:

 

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