- 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
-637310841148336020.png)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Will BTC reach $100K this week?
Bitcoin edges higher and trades at around $91,600 at the time of writing on Tuesday while consolidating between $87,000 and $93,000 after reaching a new all-time high (ATH) of $93,265 last week. Ki Young Ju, founder and CEO of CryptoQuant, says Bitcoin euphoria is here and shorting now could be either catching the top — or shorting at the bottom of a parabolic bull run.
Solana bulls target new all-time highs
Solana (SOL) extends its bullish momentum and trades in green at around $242.80 at the time of writing on Tuesday after rallying more than 45% in the last two weeks. On-chain data hints at further gains as SOL’s Open Interest, trading volume, and fees reach new record highs.
SEC case against Kraken gains momentum as judge dismisses appeal
A federal judge in California has rejected Kraken's request to appeal a ruling allowing the Securities and Exchange Commission (SEC) lawsuit against the cryptocurrency exchange to move forward. On Monday, judge William Orrick ruled that permitting an interlocutory appeal now would only postpone the case's resolution.
SOL Price Forecast: Solana nears all-time high as VanEck, BONK spark $2.9B inflow
Solana (SOL) price reached a new monthly time frame peak of $248 on Monday, November 18, up 60% within the last 14 days. Derivatives market trends signal potential for more upside as bulls set their sights on new all-time high.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.