Bitcoin Gold market update: BTG/USD 4% formidable gains lead crypto market recovery

Bitcoin Gold is among the coins that are posting gains on the first day of April. According to FXStreet’s cryptocurrency live rates, BTG/USD is up 4% on the day. The bullish movement comes after Bitcoin Gold spiraled below several support levels at $13.40, and $13.00. The bulls, however, found balance at $12.20 after which they staged the ongoing recovery.

BTG/USD 4-hour outlook

According to the 4-hour chart, the swing above the trendline resistance is supported by the 100 SMA (in red) currently at $13.0. A bullish candlestick has engulfed the previous bearish candle to show that the price has the potential to trend higher above the current value $13.81.

The Relative Strength Index (RSI) in the same range has entered the overbought region (above 70). Moreover, the MACD has recovered from the slide which occurred between March 25 and March 26 (-0.2736) to the current +0.1618. These two indicators show that the trend is favoring the bulls and it just a matter of time before we see correction above $14.00 (immediate resistance).

On the other hand, it is essential to note that bearish pressure is still present owing to the fact that the 50 SMA (in blue) is still below the longer term 100 SMA (in red). Therefore, traders are advised to tread carefully as any sudden action by the sellers could send Bitcoin Gold back to the drawing board.

BTG/USD 4-hour chart