Bitcoin Gold price analysis: BTG/USD jumps 11% in July; the network announces hard fork to resist ASIC mining
|- The hard fork has changed the current proof-of-work (PoW) consensus algorithm to Equihash-BTG .
- The intraday resistance is $30, while the critical resistance will be encountered at $31.00.
Bitcoin Gold has maintained trading within an ascending channel while the charts show an 11% growth since the beginning of July. The virtual currency is trading at $29.4, up from $26.1 on July 1. BTG/USD changed hands below $23.00 during the declines in the last week of June. However, the bullish trend has pushed past resistance at $26.00, $29.00 and even traded above $30.00 before succumbing to bear pressure.
Bitcoin Gold development team has announced that they are going to hard fork the protocol to ensure that the risk associated with 51% attacks are minimized even in future. The move is also protecting the community from the ASIC miners that are increasing in the industry. The hard fork has changed the current proof-of-work (PoW) consensus algorithm to Equihash-BTG from the current Equihash. The community should, however, not expect a new token, the hard fork is only introducing updates to the old chain.
At the moment, the bearish trend has broken past the support provided by both the 50 SMA and the 100 SMA marginally above $29.00. The intraday resistance is $30, while the critical resistance will be encountered at $31.00. The Bulls must battle for consolidation above $30.00, failure to which, BTG/USD could test the next support target highlighted at the 61.8% Fib level with the last high at $31.16 and a low of $22.87. But before that, the bullish trendline will halt declines slightly below $29.00.
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