fxs_header_sponsor_anchor

Bitcoin Gold Market Overview: BTG/USD unrelenting fight to $10.00

  • Bitcoin Gold remains in the hands of the bulls in spite of the rejection at $10.00.
  • The upward trending RSI highlights the growing momentum.

Bitcoin Gold is struggling to hold onto the gains accrued in the last few days. Earlier this month, BTG spiked incredibly hitting $10.50 but lost traction and slipped back under $10.00. Support was established at the 23.6% Fibonacci retracement level taken between the last swing high at $11.50 to a swing low at $7.92.

The relentless bulls forged another attack this week but this time, the price did not manage to cross above the $10.00 hurdle. For this reason, bears are taking advantage and pushing their agenda. At the time of writing, Bitcoin Gold is trading at $9.85. Mainly, all the attention among the bulls is channeled towards defending the immediate support at $9.75.

According to the prevailing technical picture, buyers could eventually outdo the sellers and force a breakout above $10.00. This follows an upward reversal of the RSI from the midline hitting levels above 60. Besides, the MACD is also in the positive region.

In other words, the technical picture is ripe for gains above $10.00 in spite of the rejection recently witnessed. However, holding the bullish action back is the lack of enough volume and low volatility across the cryptocurrency market.

BTG/USD 2-hour chart

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.