Bitcoin Gold Price Analysis: BTG/USD explodes towards $10 defying crypto market bearish pressure
|- Bitcoin Gold outperforms all major cryptocurrencies on Tuesday with gains testing $9.50.
- BTG/USD remains in the hands of the bulls despite the price stalling at $9.50.
The cryptocurrency market is mainly in the red led by Bitcoin (BTC)’s retreat from weekly highs close to $9,800. However, Bitcoin Gold (BTG) has managed to give a blind eye to the bearish wave sweeping across the crypto universe. BTG/USD is trading at $9.28 following a 4.39% gain on the day. The digital asset opened the trading at $8.90 and hit an intraday high of $9.50. A minor retreat has seen the price adjust to the prevailing market value.
Bitcoin Gold technical picture
For over three months now, Bitcoin Gold has sustained the price above $8.00. Unfortunately, gains above $10.00 have not been sustainable. Moreover, the selling pressure at $11.00 has been too strong for the bulls to break. Over the last few hours, Bitcoin Gold broke above key trendline resistance. Perhaps this was the force behind the rally to $9.50.
Marginally below the prevailing market value is Bitcoin Gold’s initial support at the 50-day SMA. If a reversal is to continue below the descending trendline, the 100-day SMA will come in handy to stop the declines. The primary support at $8.00 is still intact and the best bet at stopping losses based on the trading history in the past three months.
Technically, BTG/USD is in the hands of the bulls. The RSI is moving towards the overbought areas, which means that there is still room for growth. The MACD is almost crossing above the midline into the positive region. Such a move could indicate the buyers are gaining traction against the bears. In the near term, the bulls have eyes on $10.00 because gains above this zone would boost the price towards the barriers at $12.00 and $13000.
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BTG/USD daily chart
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