Bitcoin Gold: Doubled in a month, consolidation likely
- BTG outperforms every other coin in last one month.
- Consolidation of the gains likely before any further rally.
Bitcoin Gold, split cousin of the largest coin Bitcoin, has surpassed every other coin in the crypto world by gaining more than 100 percent in less than a month. Although it is still more than 95 percent lower than its all time high of $478 hit in November 2017.
BTG/USD is up 8 percent on day at $19.79, biggest gainer of the day, although retracing some gains from high point of the day. Inspite of this stupendous rally of more than 100 percent in last one month, Bitcoin Gold has reached a point of a stiff resistance from where it is likely to consolidate before any further meaningful rally takes place.
What is comforting for the bulls is, however, that the price of BTG has comfortably crossed past its 200 days SMA and sustaining beyond this the only thing that they need. Next key resistance now stands in the range of $24-$32, a range that needs to be crossed for long term bull market to resume.
BTG/USD daily chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
