BTG Adam & Eve reversal - Fibb retracements & uptrending channel
Hello TradingView! Today we're looking at Bitcoin Gold - one of the coins I intend to hold longterm, for the reason of preventable ASIC mining & high trade volume, Bitcoing Gold could currently be seen as one of the better options for entry level crypto miners.
More importantly however, we're currently taking a look at a short-term investment opportunity on Bitcoin Gold, as I have noticed Adam & Eve reversal indicator which has triggered my analysis of BTG, which I have marked with purple freehand 'U V' lines @ the charts bottom (In the Red zone Fibonacci).
Notice also our sky blue trend line - which is critical to this forecast. When support was initially lost @ $240 for BTG we see the Adam & Eve quick smart, and immediately returns to it's uptrend channel. (Which I have left off for the sake of keeping this chart tidy & easy reading).
Take note of first Resistance level which we see around $260, once broken is our first 'buy indicator' of the BTG bull run. (I am already invested & bought in at approximately $245 at the most recent dip. Buying before a 'potential' breakout is indeed a risk (As it leaves plenty of room for retracement) but as I stated above I am looking to hold BTG long-term & would not be to hard pressed to be holding this investment a little longer than expected.
From here we're looking for our first target, 300USD in which I would drop approximately 30% of my holdings to ensure that I am able to profit or at the very leastbreak even on my investment. From here, a tight stop loss to your order is strongly recommended.
As for target two I'd be looking to lose another 30% JUST before the 320USD resistance for the sake of beating competition to the punch.
Target 3 I won't be listing a limit sell, due of the possibility of a breakout.
More importantly however, we're currently taking a look at a short-term investment opportunity on Bitcoin Gold, as I have noticed Adam & Eve reversal indicator which has triggered my analysis of BTG, which I have marked with purple freehand 'U V' lines @ the charts bottom (In the Red zone Fibonacci).
Notice also our sky blue trend line - which is critical to this forecast. When support was initially lost @ $240 for BTG we see the Adam & Eve quick smart, and immediately returns to it's uptrend channel. (Which I have left off for the sake of keeping this chart tidy & easy reading).
Take note of first Resistance level which we see around $260, once broken is our first 'buy indicator' of the BTG bull run. (I am already invested & bought in at approximately $245 at the most recent dip. Buying before a 'potential' breakout is indeed a risk (As it leaves plenty of room for retracement) but as I stated above I am looking to hold BTG long-term & would not be to hard pressed to be holding this investment a little longer than expected.
From here we're looking for our first target, 300USD in which I would drop approximately 30% of my holdings to ensure that I am able to profit or at the very leastbreak even on my investment. From here, a tight stop loss to your order is strongly recommended.
As for target two I'd be looking to lose another 30% JUST before the 320USD resistance for the sake of beating competition to the punch.
Target 3 I won't be listing a limit sell, due of the possibility of a breakout.
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