Bitcoin Gold: This rising wedge formation could be catastrophic

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  • BTG forming a rising wedge on the medium term.
  • Still early days, but breakdown would be chaotic.

Bitcoin Gold, the namesake cousin of the biggest cryptocurrency Bitcoin, is forming a rising wedge on the medium term charts and would be very messy for the prices once the breakdown of this pattern occurs.

BTG/USD is down 2 percent on day at $27.383, just around the low of the day. On the 480-minute chart of Bitcoin Gold, after a good price surge of last 2 days, BTG found itself retracing from the upper end of the rising wedge, trying to go back to where it rallied from.

Although the breakdown point of this wedge is still far off, but once occurs, it would be really messy for the prices as it may take it back to almost around August lows.

BTG/USD 480-minute chart:

 

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