The 4 hour timeframe of Bitcoin Gold (BTG) is shown from June 12, 2018 to current date. A breakout of price action above the bearish trendline that had been established since January 13, 2018 occurred on August 28, 2018.
Price action has currently consolidated above the bearish trendline, and hence supports a bullish bias in Bitcoin Gold. A price channel (green color) is used to monitor the current uptrend in price from August 13, 2018 with minimum increment in price expected to reach the upper region of the channel.
Boundaries of a rectangle top pattern in Bitcoin Gold are indicated (in blue) within the channel. A close of the 4 hour candle above the upper boundary of the rectangle top is therefore crucial for continuation of bullish momentum.
Physical measurements based on chart patterns are best done on an arithmetic scale as a logarithmic scale was used in this analysis.
Price action has currently consolidated above the bearish trendline, and hence supports a bullish bias in Bitcoin Gold. A price channel (green color) is used to monitor the current uptrend in price from August 13, 2018 with minimum increment in price expected to reach the upper region of the channel.
Boundaries of a rectangle top pattern in Bitcoin Gold are indicated (in blue) within the channel. A close of the 4 hour candle above the upper boundary of the rectangle top is therefore crucial for continuation of bullish momentum.
Physical measurements based on chart patterns are best done on an arithmetic scale as a logarithmic scale was used in this analysis.
