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While ranking at 21 by market cap, a distributed digital currency and a hard fork of Bitcoin, the open source cryptocurrency having its market cap at the level of $314,172,125 on November 27, 08:13 UTC plummeted in current value by 43.7% compared to November 06, however it is increased by 19% than that of August 14.

Now lets look at the technical picture of the BTG/USD pair as follows:

As we can analyze from the analytics above that the current price traded below moving averages that clearly show the downtrend in the market. Since both moving averages have declined significantly suggesting a negative sign. With this, the 14-day RSI has hit deeply oversold levels represent the scenario where selling has been overdone. Amid this, the declining 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand. The BTG/USD pair remains in a bearish mood for the time being as the strong bearish pressure, and competitive forces caused a drop in current value. Anyone can quickly estimate that there is no sign of bullish pattern which may suggest a buy hence it is best to remain on the sidelines. Those involved in trading activities are highly recommended to wait for the current trend to rebound and not take any long position in it. One can see the consolidation phase once the macro factors in favor of the crypto market.

Let us not forget that Bitcoin Gold is a distributed digital currency and the stated purpose of the hard fork is to restore the mining functionality with common Graphics Processing Units, in place of mining with specialized ASIC, used to mine Bitcoin. Based on the current scenario, and the pattern that we can observe from the graph above, the next support level can be $18.500.

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a!! You can also mail him at

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