Bitcoin Gold price Analysis: BTG/USD spikes 3% ahead of falling triangle breakout
|- Bitcoin Cash leads in recovery on Thursday but triangle resistance limits upward price action.
- BTG/USD could settle into consolidation as observed with the sideways trending RSI and MACD.
Bitcoin Gold (BTG) is among the most improved cryptocurrencies in the market. During the Asian session on Thursday crypto has increased in value by 3%. The majority of cryptoassets are in the red led by Bitcoin (down 0.14%), Ethereum (down 0.53%), and Ripple (down 0.31%).
BTG/USD seems to be struggling to hold the uptrend after meeting the falling triangle resistance (trendline). A break above this resistance could lead to more gains, targeting $9.50 and $10.00 respectively. The RSI in the 4-hour range shows that the uptrend is unlikely to continue and Bitcoin Gold would most likely settle for consolidation.
The sideways trading action is also emphasized by the MACD, currently moving sideways along the mean line (0.00). Its immediate downside is supported by the 50 SMA. Other support areas include the triangle support at $8.50, $6.50, and $5.00. In particular, the triangle support must be defended at all costs because if broken, the move could culminate in more losses towards lower support levels.
BTG/USD 4-hour chart
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