- Bitcoin Gold becomes unstoppable after breaking past the key trendline resistance.
- The cryptoasset’s technical picture remains positively strong despite being overbought.
Bitcoin Gold is the perfect example of the phrase ‘from the ashes we rise.' The cryptocurrency has almost tripled its value at the beginning of January. The majority of the gains took place on Tuesday as the crypto market roared above key resistance levels.
The majestic recovery came into play after BTG smashed above key trendline resistance. Besides, trading past the simple moving averages added more fuel to the rocketing asset. Meanwhile, the 50-day SMA and the 100 SMA currently at $5.95 and $7.03, respectively are in line to offer support when needed.
Bitcoin Gold is up 26% on Wednesday, from an opening value of $11.50 to an intraday high at $14.63. The engulfing candle is still strong enough to stir more action upside even though BTG is encountering some resistance at the $15 level.
Technical levels are still intact, whereby the Relative Strength Index (RSI) at the 90 level peak. There are no signs of an immediate reversal in spite of the cryptoasset being oversold. The volume accumulation distribution indicator is also on the rise and coupled with the high volatility, they could lead to a swing towards the psychological $20 level.
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