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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bears take over and draw a bloody moon

Cryptographer and computer scientist Nick Szabo, has presented in his Twitter account a study on the "risk-benefit" ratio of different assets. The study used a Sharpe Ratio over four years Hodl period.

More Bitcoin News

ETH/USD bears flip the bulls, target shifts to $5

Ethereum Classic is facing the ultimate correction following a massive bull-run that had it hit January highs around $12 from December lows at $3.41. The persuasive urge upwards has, however, ended in losses due to a lack of ...

More Ethereum Classic News

Ripple's CEO sees an era of IPO in cryptocurrency industry

Ripple's XRP, the third-largest digital asset with the current market value of $9.4 billion has lost over 5% in recent 24 hours and hit the low of $0.2136 on Friday. XRP/USD is moving within a clear bearish trend amid expanding volatility.

More Ripple News

The Crypto Sector in selloff mode searches a support zone

Most of the cryptocurrency sector accelerated the losses after breaking the neckline of support that was holding their prices. The selling pressure was in almost all digital assets.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast