On the 24th of June, BitcoinGold has found the bottom at $22, where it rejected 927.2% Fibonacci retracement level cleanly. After bouncing off the $22 support price went up and broke above the 200 Moving Average.
The past month price action shows that BTG/USD is printing higher highs and higher lows, while continues to reject the uptrend trendline and Fibonacci retracement support levels. First it has rejected 61.8% Fibs at $25, then 38.2% Fibs at $27.
Such price behavior might suggest the beginning of an uptrend that could result in a 100% growth in a relatively short time span. Strong resistance is seen at $60 area, that is confirmed by two Fibonacci retracement levels, 227.2% and 527.2%.
At the same time consolidation period might be extended and BTG could drop towards $25 area prior to moving higher. But only break and close below $22 support could invalidate bullish outlook.
The past month price action shows that BTG/USD is printing higher highs and higher lows, while continues to reject the uptrend trendline and Fibonacci retracement support levels. First it has rejected 61.8% Fibs at $25, then 38.2% Fibs at $27.
Such price behavior might suggest the beginning of an uptrend that could result in a 100% growth in a relatively short time span. Strong resistance is seen at $60 area, that is confirmed by two Fibonacci retracement levels, 227.2% and 527.2%.
At the same time consolidation period might be extended and BTG could drop towards $25 area prior to moving higher. But only break and close below $22 support could invalidate bullish outlook.
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