Bitcoin Gold Oversold, ATH (11400%) & Targets (Full Analysis)

20 ago 2019

Bitcoin Gold (BTGBTC) is now massively oversold. The RSI is sitting at 27.91 (lowest ever) on the weekly time frame. Remember we consider below 30 to be oversold on the weekly. Below 20-25 is oversold on the daily time frame.

Here is the weekly chart:

• Over 11,400% potential profits to All-Time High (very unlikely to be hit again).
  
• Oversold RSI.
  
• Strong bullish divergence on the MACD (since August 2018).
  

Weekly Bollinger Bands:

We have BTGBTC going outside of the Bollinger Bands.

This is the only indication we have right now of a potential bounce. How the weekly candle develops and closes will give us additional information. So we move to the daily time frame for additional signals.

Daily chart for Bitcoin Gold (BTGBTC):

• Here we can see an attempt for Bitcoin Gold to move higher which was quickly rejected. Even though bear volume is higher than bull volume and the chart is dominated by bear action, the last low is still holding.
  
• If the last low (0.001228) holds as support, this increases the probabilities of BTGBTC consolidating and moving up from here. If it breaks, we go lower.
  

Daily RSI:

The RSI hit its lowest point ever on this time-frame as well.


What to look for?

After reading the above signals, what do we look for to know what will happen next?
Let's go back to the basics... That's our lovely EMA10.

If BTGBTC moves above EMA10 (0.001346) it changes its potential from bearish to bullish, and we can focus on growth. While BTGBTC remains trading below this point, there can be additional bear action or even a new all-time low.

Have any questions?

It will be my pleasure to show you my support.
So write all you want in the comments section below.

Namaste.