Bitcoin Gold analysis: Resumption of bullish trend
The logarithmic scale of Bitcoin Gold is shown in this analysis on the Daily tf. ~8 months old downtrend (January 14, 2018 to August 24, 2018) in Bitcoin Gold is indicated using the bearish trendline.
Bitcoin Gold successfully broke out above the trendline on August 27, 2018, which implies possible trend change, with demand overwhelming supply.
Initial bullish momentum ran out with price returning to successfully test the bearish trendline on September 6, 2018, to be followed by a bullish price swing to ~$28.39.
Resistance on the Daily tf chart is marked between $35.87 and $30.93, with entry into long positions on a breakout above $35.87 considered conservative. Earlier entries would seek to buy prior to a breakout above $35.87.
Price closing below ~$13.37 is the point of invalidation (POI); this would indicate resumption of the already established downtrend.
Bitcoin Gold successfully broke out above the trendline on August 27, 2018, which implies possible trend change, with demand overwhelming supply.
Initial bullish momentum ran out with price returning to successfully test the bearish trendline on September 6, 2018, to be followed by a bullish price swing to ~$28.39.
Resistance on the Daily tf chart is marked between $35.87 and $30.93, with entry into long positions on a breakout above $35.87 considered conservative. Earlier entries would seek to buy prior to a breakout above $35.87.
Price closing below ~$13.37 is the point of invalidation (POI); this would indicate resumption of the already established downtrend.
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