Bitcoin Gold price analysis: BTG/USD defies bear market, jumps 2% following listing on Instant Bitex

Bitcoin Gold is among the few coins in the market that is trading in the green. In fact, among the top 20 cryptocurrencies Bitcoin (BTC), Ripple (XRP) and BTG are the only assets with gains on Wednesday. In the previous week, made a nice recovery above $20.00. There was a break above the resistance at $23.00 but the upside was capped at $23.20. The widespread declines experienced in the market on Monday this week, trimmed of the gains made last week. Similarly, the bulls defended the support at $21.40 on Tuesday as Bitcoin Gold consolidated the losses.

The network, on September 25 announced via Twitter that a UK-based cryptocurrency exchange referred to as Instant Bitex was adding BTG to its list of tradable assets. Bitcoin is going to be trading on the platform using BTG/BTC pair. Instant Bitex, according to Bitcoin Gold has a custom-built trading engine where orders ate executed in real-time. In addition to that, deposits and withdrawals on the exchange are fast while the trading fee is 0.1%.

Bitcoin opened the trading on Wednesday with a small bear correction. However, the bulls found an entry as the price spiked in an engulfing candle. Unfortunately, the cap at $22.80 is providing significant resistance. At the same time, the 61.8% Fib level between the swing high of $23.16 and a swing low of $21.55 is supporting the price slightly above the 100SMA support at $22.40. The 50SMA is another support line at $22.13 while the stronger support lies at $21.40.

The trend is still favoring the bulls with the MACD moving further north towards +0.25. The price is exchanging above the moving averages on the hour chart. If a break above $22.80 occurs, the buyers could get a boost above $23.00 and eventually test $25.00.