Bitcoin Gold Price Analysis: BTG/USD up 1.6% ahead of symmetrical triangle breakout
|- Bitcoin Gold conspicuous recovery stalls short of $10.00; upside capped by the 50-day SMA.
- BTG/USD sideways trading after brief spikes delays possible symmetrical triangle breakout.
Bitcoin Gold is the most improved cryptocurrency in the market during the Asian hours on Tuesday. Most of the digital assets are in the green but lack the proper volume to enforce significant gains. BTG/USD is up over 1.6% on the day after advancing higher from opening value. In the meantime, BTG/USD is trading at $9.37 ahead of a possible symmetrical triangle breakout.
Marginally above the prevailing market value is the first hurdle at the 50 SMA in the daily range. Besides that, the triangle resistance is still standing in the way of the expected gains. However, a break past the pattern’s resistance could see Bitcoin Gold not only taking down the resistance at $10.00 but also closing the gap towards the psychological hurdle at $14.00.
On the downside, if the expected triangle breakout fails to materialize, consolidation would most likely take over. The RSI would need to maintain a higher level, preferably above the average. The MACD is already moving horizontally in tandem with the mean line (0.00). If push comes to shove a breakdown could test the support at $8.00. Also holding BTG/USD in place is the 100-day SMA currently at $8.86.
BTG/USD daily chart
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