BTG is now in a critical triangle phase. Trade carefully.
Comment
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SHORT BTG now.
Over the past 18 hours BTG has had a very good rally, made primarily of three Elliot Waves, and an overall EW. This was a result of a price tug-o-war match between Bittrex and other exchanges.
Synchronization is now almost complete. The next part is when these two big exchanges enable BTG deposits and withdrawals. That's when things will get interesting. People who do not believe in BTG will probably sell/exchange to BTC as it is basically free money for them. That may drive the price down further. Also the current Fibonacci 61.8% retracement is at $192 and 78.6% is at $174 already. Be very careful for now.
What do you think about Bitcoin cash and bitcoin gold in long term, I think that shoud both BTG and BCH very close to Bitcoin price or mayby BCH become more worth then btc.
UnknownUnicorn995432
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@madorayan, I don't think BCH will ever be worth more than BTC. In my view, all cryptos are basically assets. Fiat/regulated currencies will continue to retain their value regardless of what everyone says as they have a backing. Both of these currencies
Doc-al-Citadel
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@doctorkesh, 'I don't think BCH will ever be worth more than BTC.' I'm not so sure.
UnknownUnicorn995432
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@madorayan, I don't think BCH will ever be worth more than BTC.
In my view, all cryptos are basically assets. Fiat/regulated currencies will continue to retain their value regardless of what everyone says as they have a backing. Both of these currencies will survive, i.e. fiat and cryptos. I consider the cryptos to have features of stocks/shares and currencies, kind of a hybrid financial asset that is tradeable.
BTG will be worth more than this, but to think that it will compete with BTC directly, that's something I don't see possible. At most BTG may reach a value of 0.25 BTC, if we are very lucky. Still, all cryptos are still very young, and BTG is surely here to stay from the looks of it.
The development team needs to liaise with exchanges and introduce the deposits/withdrawals feature one by one rather than all at the same time. This will prevent major price crash. This way we may see a steady price growth of BTG. The chart I have is very simple. We do not have much data to analyze anything so everything is short term only for now.
Pay attention to the shadowed narrow channel in the chart. This is the zone which BTG has been following so far. If it continues to follow this, then BTG will likely be worth $400 by the end of December.
Doc-al-Citadel
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@doctorkesh, 'Both of these currencies will survive, i.e. fiat and cryptos.' Not longterm no.
UnknownUnicorn995432
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@madorayan,
Just a thought. If everything goes smoothly, then by the end of December, we may see $400 range again. Fingers crossed.
Doc-al-Citadel
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@madorayan, Yes
UnknownUnicorn995432
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The sweet spot would be around $130-$150. Please do comment.
Doc-al-Citadel
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@doctorkesh, yep there were some good buy points thanks
UnknownUnicorn995432
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@qdoc, thank you for your comments. what do you think is the target now for BTG. it has had its correction from the last high of 420, and has touched 254 already. I think we are going to see another shot at 400 very soon