Bitcoin Gold (BTG) is trading in an uptrend here like many other altcoins. The Cryptocurrency BTG just went up +73% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +200% in 30 days.
What is Bitcoin Gold?
Bitcoin Gold was founded in 2017 to become a user-friendly alternative to Bitcoin. The BTG network aims to combine the security and sturdiness of the Bitcoin blockchain and its characteristics with the opportunity for experimentation and development.
BTG enhances and extends the crypto space with a blockchain closely compatible with Bitcoin but without using resources like Bitcoin hash power or vying for the “real Bitcoin” title. The company aims to present a coin with the implementation capabilities of Bitcoin, however, expanding on the opportunities for DeFi and DApp developers to use the coin.
BTG Price Analysis
At the time of writing, BTG is ranked 54th cryptocurrency globally and the current price is $200.21 AUD. This is a +73% increase since 30th April 2021 (7 days ago) as shown in the chart below.
After looking at the above 4-hour candle chart, we can clearly see that BTG was trading sideways and broke out from the rising wedge pattern on the BTG/USDT pair. The first resistance was on the $95 AUD price levels which BTG broke with a strong bullish trend & buying volume and is now heading towards the next resistance. BTG could continue the uptrend as many other altcoins are waking up bullish this week.
“A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.” – Larry Swing on Investopedia [source]
What do the Technical Indicators say?
The BTG TradingView indicators (on the 1-day window) mainly indicate BTG as a strong buy, except the Oscillators which indicate BTG as a buy.
Why did BTG Breakout?
General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying BTG for the next Altcoins rally. It could also have contributed to some of the recent news of Binance added BTG/USDT and BTG/BUSD trading pairs.
Another reason for the price movement in BTG could be its ticker’s similarity with a new Bitcoin fund from Brazillian investment bank BTG Pactual, which is teaming up with the Winklevoss brothers’ Gemini exchange,
Where to Buy or Trade BTG?
Bitcoin Gold has the highest liquidity on the Binance exchange so that would help for trading BTG/BTC or BTG/USDT pairs. However, if you’re just looking at buying some quick and HODLing then Swyftx exchange is a popular choice in Australia.
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