Bitcoin Gold [BTG] to Break Out of Cup & Handle Pattern?

2018-10-30 18:50

The hard fork of Bitcoin, Bitcoin Gold, is currently forming a cup and handle pattern. A cup and handle pattern is a bullish continuation pattern that consists of a ‘U’ or a ‘V’ shaped bottom followed by a period of consolidation. Technical analysts typically anticipate a bullish breakout to occur after the period of consolidation.

Bitcoin Gold was forked from Bitcoin to assess the ASIC domination of Bitcoin mining. While the original Bitcoin can now only be mined profitably with specialized hardware devices, Bitcoin Gold has changed the algorithm so that GPUs can competitively mine the altcoin.

Bitcoin Gold has undergone huge depreciation since it forked. After reaching highs of around $480 in November 2017, the coin now trades at around $26. The security of the coin is also seriously questionable with a 51% attack on the network successfully executed in May.

Despite these attacks, Bitcoin still ranks 22nd in terms of total market capitalization of cryptocurrencies. Although the technical analysis is pointing toward bullish movements and the 50 SMA has moved up to cross over the 100 MA, analysts will have to balance the technical analysis along with the fundamentals of the project. The risk of buying into a bullish set up such as this one is another 51% attack could occur and spark a huge sell-off.

Bitcoin Gold Daily Chart – Source: TradingView.com Key Takeaways: The bullish continuation cup and handle pattern is forming in Bitcoin Gold as well as the 50 SMA moving up to cross the 100 SMA. Bitcoin Gold currently ranked 22nd in terms of total market cap. With a 51% attack after occurring earlier in the year in Bitcoin Gold, there are some risks to consider before buying into this bullish setup.

Bitcoin Gold [BTG] to Break Out of Cup & Handle Pattern? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67066.21 (-0.24%)
Объем 24H $22.542b
Изменеия 24h: -0.28 %, 7d: 6.78 %
Cегодня L: $66031.14 - H: $67263.11
Капитализация $1321.263b Rank 1
Цена в час новости $ 6413.58 (945.69%)

pattern bitcoin cup handle gold bullish consolidation

Источник: blokt.com

pattern bitcoin → Результатов: 126


Фото:

Bitcoin May Be Headed Towards 20%+ Decline Based On This Pattern

Bitcoin could see a decline of at least 20% in the near future, if the historical pattern of this indicator is anything to go by. Aggregated Open Interest Of Assets Except Bitcoin Is Forming A Bearish Pattern In a new post on X, CryptoQuant Netherlands community manager Maartunn has talked about a bearish pattern forming in the aggregated open interest of all cryptocurrencies except Bitcoin.

2023-11-8 18:00


Why is Ethereum being outperformed by Bitcoin? Historical pattern changing in 2023

Key Takeaways Ethereum has historically outperformed Bitcoin in bull runs The pattern has flipped to start the year, with Bitcoin dominance rising  Our Analyst Dan Ashmore jumps on-chain to look through history, and show how and why the pattern is changing The Flippening, huh? Nothing incites debate within crypto circles quite like it.

2023-1-26 20:28


Bitcoin (BTC) Fractal Analysis Shows Bots Still Dominate The Market

Bitcoin (BTC) has fallen sharply in the last 24 hours on news of the SEC delaying its decision regarding the VanEck/SolidX Bitcoin ETF till September. The 4H chart above for BTC/USD shows that while the news served as a catalyst for yesterday’s price action, Bitcoin (BTC) would have eventually followed the same pattern as major trading activity is still dominated by bots.

2018-8-9 21:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

SOL Price Breaks $150 – Why Solana Could Soon Test $180

Solana is gaining bullish momentum above $150. SOL price is showing positive signs, and it could even surpass the $162 resistance in the near term. SOL price started a fresh increase from the $138 support against the US Dollar.