Bitcoin Gold price analysis: BTG/USD defends $20.00 support amid a bear inclined market

The market is bleeding again in the wake of the bullish spike on Wednesday. Bitcoin Gold resumed the uptrend from the lows traded on Monday this week at $19.7. While there was a break above $20.00, the price remained in a range with the upper limit at $20.8 until yesterday. There was also a slight bearish correction to the swing low at $20.21 before the buyers found their bearing and pushed for upside correction above the moving averages.

Bitcoin Gold retraced even higher above $21.00 and stepped slightly beyond $21.8 before making an about-turn move. The declines continued during both the Asian and European trading hours. Importantly, the buyers have defended the short-term support at $20.60 prevent any swings towards $20.00.

In the interim, BTG/USD is exchanging at $20.98 after making a comeback from the support at $20.60. The hourly 50 simple moving average is providing anchorage but the price has just crossed above the 100SMA resistance. The immediate resistance now lies at $21.0, similarly, there will be significant resistance at the upper supply zone at $21.8.

Looking at BTG/USD chart, upside correction towards $22 are imminent. The technical signals are positive which means that buyers should continue to increase their entries. However, it is essential to note that huge bullish swings are unlikely. A higher support preferably at $21.40 is needed for recoil towards $22.00 to become a reality.

BTG/USD 15-minutes chart