Bitcoin Gold Price Analysis: BTG/USD maintains steady climb towards $11 following 10% jump
|- BTG/USD bulls have remained in control over the last two days.
- It seems like the price has gone up based on pure speculation.
- BTG/USD is currently overpriced so it may face bearish correction soon.
BTG/USD daily chart
BTG/USD bulls stayed in control of the market for the second straight day as the price jumped from $9.95 to $10.75. The price managed to chart intra-day highs of $11.45. Over the last two days, the price has managed to jump above the SMA 20, the downward trending line, and the 20-day Bollinger Band's upper curve.
The RSI indicator has peeked into the overbought zone, showing that the price is currently overpriced and may face bearish correction soon. The Elliott Oscillator has moved up from -0.255 to 0.1528 over the last two days following bullish price action.
Looking at the market, there is a lack of solid fundamental reasoning behind the rise in BTG/USD’s recent bullish action. It seems like the price has gone up based on pure speculation.
Support and Resistance
BTG/USD faces strong resistance at $11 and $11.35. On the downside, healthy support levels lie at $10.54, $10.25 and $10.06.
Key levels
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