BTGBTC closes within prior day's range
Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
BTGBTC finished Sunday at 0.00051 losing BTC0.00002 (-3.77%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (BTGBTC as at Nov 22, 2020):
Sunday's trading range has been BTC0.00004 (7.55%), that's slightly above the last trading month's daily average range of BTC0.00003. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BTGBTC. Prices continued to consolidate within a tight trading range between 0.00049 and 0.00054 where it has been caught now for the last three trading days.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 0.00049. The last time this happened on August 17th, BTGBTC lost -2.08% on the following trading day.
While Gold is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.