Bitcoin Gold (BTG) rockets towards $9.5 resisting the bearish cryptocurrency market
- Bitcoin Gold spikes in gains to add over 5% on its value.
- Establishing a higher support will play a key role in the next assault on $10.
Bitcoin Gold is not only showing resilience to the prevailing bearish market but also posting incredible gains. Control across the market is in the hands of the bears where cryptos such as Ripple, Bitcoin Cash and Litecoin are the most affected.
The bull among the bears, BTG is trading 5% higher on Thursday. It has corrected from an opening price of $9.0 to a high of $9.45. The bullish action forming an engulfing candle is still flexing muscles.
The Relative Strength Index has made a comeback into the levels above 70. As long as the RSI stays above this level, BTG will have the chance to establish a higher support in readiness for an attack on $10.
Meanwhile, in the event of a reversal, likely to be signaled by the RSI retreat towards 50, BTG could find support at $8.50, the 50 SMA on the four-hour chart and the 100 SMA slightly below $8.0. An ascending trendline is also in line to offer support
BTG/USD 4-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
