Bitcoin Gold (BTG): Spikes incredibly stepping above $20.00
|- BTG is up over 15% on the intraday charts making it the biggest double-digit gainer on the day.
- BTG/USD technicals are strong and positive.
The bullish wave sweeping across the market has placed Bitcoin Gold on an impressive path to recovery. Among the top 20 cryptocurrencies, BTG is up over 15% on the intraday charts making it the biggest double-digit gainer on the day in this bracket.
The gains come after the crypto has explored levels below $14.50. A correction from this low formed the head of the inverted head-and-shoulders pattern. Recovery, did not, however, manage to correct above $17.00 leading to a consolidation phase and the completion of the second shoulder of the pattern. Support established at $16.00 coupled with the reaction to the inverted head-and-shoulders pattern marked the beginning of the ongoing bull rally.
Bitcoin Gold extended the gains above the trendline support as well as the 200 SMA 1-hour. There was an initial break above $17.00 hurdle, a struggle ensued at $17.50 but increasing buying entries catapulted the price above the 20.00 critical level. Highs have been formed at $20.27, however, the bulls are still present and could push it higher towards $20.50.
Looking at the chart, BTG/USD technicals are strong and positive. The Relative Strength Index (RSI) is above 80.00 and not showing any signs of exhaustion. Support above $20.00 will go a long way in ensuring that the price stays in the positive range.
BTG/USD 1-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.