Bitcoin Gold market overview: BTG/USD ranging trend prevails
|- Bitcoin Gold is up 1% on Thursday amid a general bearish cryptocurrency market trend.
- BTG/USD technical indicators signal continued sideways trading.
Trading opportunities are generally thin in the entire cryptocurrency market. He situation is not different from one of Bitcoin (BTC) hard forks, Bitcoin Gold (BTG). The digital asset has been ranging between a narrow of $7.20 - $8.0 following the overwhelming plunge on September 24.
An initial break above the 100 simple moving average (SMA) on the hourly chart failed to stir bullish action above the 50 SMA resistance. This has led to the price narrowing towards the current short-term support at $7.5.
Interestingly, Bitcoin Gold is trading above a short-term trendline following a shallow recovery staged since September 30. Moreover, the price is sitting above both the 50 SMA and the 100 SMA.
The moving average convergence divergence (MACD) is holding ground above the zero line as an indication of the resilient buyers. The horizontal trend also suggests that BTG/USD will continue to trade sideways in the coming sessions.
BTG/USD one-hour chart
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