Bitcoin Gold price analysis: BTG/USD spiked up by 5.67% in just one hour
- The RSI indicator in the one-hour BTG/USD chart is trending in the overbought zone.
- The Elliott Oscillator in the BTG/USD chart shows seven straight bullish sessions.
BTG/USD went up from $7.95 to $8.36 so far today as the bulls took control for the second day in a row. The hourly breakdown shows us that BTG/USD spiked up from $7.95 to $8.40 in just one hour. It seems like the market has found short-term resistance at $8.40 and has since dipped a little bit to $8.36. As the one-hour chart below shows, the price is currently consolidating in a flag formation, getting primed for another potential breakout.
BTG/USD hourly chart
The one-hour chart has found support on the upward trending line and is currently floating above the red Ichimoku cloud, SMA 200, SMA 50 and SMA 20. The Relative Strength Index (RSI) indicator inside the overbought zone, while the Elliott Oscillator shows seven straight bullish sessions. The Moving Average Convergence/Divergence (MACD) indicator shows us increasing bullish momentum in the short-term.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
