2018-11-20 20:34 |
Bitcoin Gold [BTG], the twentieth ranked cryptocurrency by market cap, has been holding value better than all other top 20 cryptocurrencies over the past 24 hours with the exception of the stablecoin USD Tether. There is no apparent reason for this strong performance from Bitcoin Gold, but support and trust in the project have been steadily increasing over the past few months.
The increase in the number of long positions open on Bitfinex exchange in Bitcoin Gold is representative of this increase in trust. The number of longs has been increasing consistently since mid-August.
Bitcoin Gold Bitfinex Longs – Source: TradingView.comThe daily chart shows Bitcoin Gold decreasing with the market last week but holding its value strongly. The price is currently trading around the same point as the 50 EMA which has played a role as support in the past.
Today’s decrease is on significant volume and has brought price action below the 50 EMA at times, but it has also traded above. Today’s candle is forming a Doji so far. A Doji is a candle where the open is around the same point as the close and shows some indecision in the market.
Given the market decreases, the momentum is still on the side of sellers despite Bitcoin Gold setting up in a stronger position than most. Both the daily RSI and MACD have been decreasing, and the MACD is crossing its centerline to the downside, a bearish signal.
Bitcoin Gold Daily Chart – Source: TradingView.com Key Takeaways: Longs in Bitcoin Gold steadily consistently increasing since mid-August. Bitcoin Gold falling with the market but holding its value the strongest out of the top 20 cryptocurrencies with the exception of stablecoin USDT. Today’s candle is forming a Doji showing indecision in the market.Bitcoin Gold [BTG] Is Best Performer in Top Twenty Over Last 24 Hours was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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