Bitcoin Gold Price Analysis: BTG/USD soars 8% to test key resistance at $11.50
|- Bitcoin Gold price rockets above the resistance at $11.00 but stalls short of $11.50.
- The technical analysis in the 4-hour range suggests that there is room for growth as oversold conditions are still at bay.
Bitcoin Gold (BTG) continues to lead the market in recovery from the losses recorded in February. The first week of March has been fruitful for BTG with the crypto posting a higher high pattern to the extent of climbing above the moving averages in the 4-hour range. At the time of writing BTG/USD is trading at $11.08 after adjusting from $11.29 (intraday high).
The 50 SMA and the 100 SMA will both function as support lines at $9.12 and $9.76 in the event of a reversal under $10.00. The RSI emphasizes that the bulls are in charge and likely to pull the price higher above the short term resistance at $11.50. For the buyers, $12.00 is the medium-term resistance while $14.00 is the ultimate resistance in the journey towards $20.00.
Technical analysis shows that BTG/USD is not yet oversold and, therefore, there is still room for growth. Besides, the Elliot Wave Oscillator has just recorded the fifth bullish session in a row. It is important that support is established above $11.00 to give the bulls ample time to gather the strength to push the price higher.
BTG/USD 4-hour chart
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