Bitcoin Gold Technical Analysis: BTG/USD spikes 3% in a Bitcoin bear market
|- Bitcoin Gold bounces off support at $8.50 as bulls focus on reclaiming the position above $10.00.
- BTG/USD path of least resistance is upwards especially with the RSI and in the MACD on an upward roll.
Bitcoin Gold (BTG) is the only bull confident enough to stand tall in a sloth of bears. The entire cryptocurrency market is painted red except for BTG with its 3% growth on the day. Over the past couple of days, this digital asset has sustained a significant bullish action. The recovery, however, comes after an extended selloff from highs around $11.50.
Support was embraced at $8.50, putting a stop to the loss encountered. At the time of writing Bitcoin Gold is flirting with the 50% Fibonacci level of the last swing high at $11.46 to as swing low at $7.92. On the upside, resistance is expected at $10.00, $11.00 and $11.50.
The trend is still comfortably in the hands of the bulls as observed with the RSI. The indicator has recovered from the levels around 30 but is yet to hit the overbought. This means that there is still room for growth in the near term. Looking at the MACD, buyers have the upper hand especially with the cross into the positive region. Moreover, the MACD also features a bullish divergence that encourages more buyers to join the market.
In case a reversal comes into the picture, we can expect support at $9.17; a confluence formed by the 50 SMA and 200 SMA. Other areas of interest to the bulls include $8.50 and $8.50. For now, the general picture is bullish and the path of least resistance is to the north.
BTG/USD 2-hour chart
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