BTG/USD - Trading Opportunities

BITFINEX:BTGUSD   Bitcoin Gold / U.S. Dollar
Here we have BTG/USD on the 4H chart.

BTG/USD has been trading the downside considerably after a peak ignited a correction of the 4th february. Price has recently been trading within a structure since between a side-wards resistance line, and a horizontal support level that has recently come into play.

Price has bounced on horizontal support. When price was testing the support previously it was making lower highs. But on the last retest of support on 6th February, it is having clear a higher high, which indicates bullish momentum. The side-wards line is very likely to be retested as support.

Since the last 24h Bitcoin gold bounce jumped 8.17% to begin an up move. Before this it's highly likely that price action will retest the side-wards resistance line as a support at $117 before the up move begins.

This trade could play out in 2 ways:

-Price successfully breaks out, and retests the side-wards resistance line at $117. Price then has an up move to the target zone at $158.

-Price breaks impulsively to the upside. It ignores structure retesting and goes to the upside target at $158.

Bare in mind, that a retest of side-wards resistance turned support makes this trade significantly more reliable.

The last 24-hour trading volume is currently about $89,369,600 with a circulating supply of 16,823,749 BTG out of a max of 16,923,749 BTG .
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