BTG technical analysis shows a channel breakout rally facing increased selling pressure at $26.5, resulting in a long-wick candle. BTG shows a bullish reversal from the $22 mark breaking above the resistance trendline of the falling channel pattern. The bullish engulfing candle of 10% growth formed yesterday traced the gap within the bearish pattern and surpassed the 50 and 100-day EMAs. However, the bullish follow-through candle faces opposition at $26.5 despite breaking above the resistance trendline. So, will this bullish struggle lead to another breakout entry opportunity? Key Points: The BTG price trend faces intense selling pressure at $26.5. The market price trades above the 50 and 100-day EMA. The intraday trading volume in Bitcoin Gold is $59.44 million. Source – TradingView BTG Technical Analysis The BTG prices remained trapped within a bearish trend in a falling channel pattern after facing opposition at the $36 mark. The bearish pattern accounts for a price drop of 38% before taking support at the $22.26 horizontal level. However, the recent bullish engulfing candle with a 10% growth overnight beats the 50 and 100-day EMA to challenge the resistance trendline. Moreover, the follow-through candle exceeds the resistance trendline but faces opposition from the hoard of sellers at the $26.5 mark. The increased selling pressure at $26.55 results in an early bearish reversal before reaching the 200-day EMA and a higher p...
