Tanya Abrosimova
Independent Analyst
- Bitcoin Gold reverses gains after a strong rally above critical resistance.
- BTG/USD may retest the channel support before another bullish attempt.
Bitcoin Gold (BTG) hit $9.79, the highest level since September 2. At the time of writing, BTG/USD is changing hands at $8.6; however, it is still 15% higher on a day-to-day basis.
Bitcoin Gold is a Bitcoin's fork that came to life in October 2017. It is currently the 75th-largest digital asset with a current market capitalization of $164 million and an average daily trading volume of $17 million. The coin is most actively traded on Binance, Huobi global, and OKEx.
BTG rally fades away
BTG is one of the best-performing coins out of the top-10 on Wednesday. A strong move above the daily EMA200 at $8.8 created a powerful bullish wave and pushed the price towards the psychological barrier of $10. However, the upside momentum proved to be unsustainable as the profit-taking pushed the price back inside the previous trading range limited by $8.8 on the upside and $7.6 on the downside.
BTG/USD daily chart
The price may retest the channel support reinforced by the daily SMA50 before another recovery attempt towards $8.8. A sustainable move above this technical barrier is needed for the upside to gain traction with the next focus on $10.5. On the downside, a sell-off below $7.6 will invalidate the bullish scenario and allow for an extended correction towards $7.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.