Bitcoin Gold (BTG): Spikes incredibly stepping above $20.00

The bullish wave sweeping across the market has placed Bitcoin Gold on an impressive path to recovery. Among the top 20 cryptocurrencies, BTG is up over 15% on the intraday charts making it the biggest double-digit gainer on the day in this bracket.

The gains come after the crypto has explored levels below $14.50. A correction from this low formed the head of the inverted head-and-shoulders pattern. Recovery, did not, however, manage to correct above $17.00 leading to a consolidation phase and the completion of the second shoulder of the pattern. Support established at $16.00 coupled with the reaction to the inverted head-and-shoulders pattern marked the beginning of the ongoing bull rally.

Bitcoin Gold extended the gains above the trendline support as well as the 200 SMA 1-hour. There was an initial break above $17.00 hurdle, a struggle ensued at $17.50 but increasing buying entries catapulted the price above the 20.00 critical level. Highs have been formed at $20.27, however, the bulls are still present and could push it higher towards $20.50.

Looking at the chart, BTG/USD technicals are strong and positive. The Relative Strength Index (RSI) is above 80.00 and not showing any signs of exhaustion. Support above $20.00 will go a long way in ensuring that the price stays in the positive range.

BTG/USD 1-hour chart