Bitcoin Gold Price Analysis: BTG/USD spikes up by 13.5%
- BTG/USD went up by $14.75 to $16.75 this Friday.
- SMA 20 acts like immediate resistance.
BTG/USD bulls had a field day this Friday as they took the price up from $14.75 to $16.75. It is difficult to tell whether this is a false breakout or the market sentiment has shifted towards the bulls. On the upside, resistance levels lie at $17, $17.75, and $18.50. On the downside, there are support levels at $13.25, $14, and $14.50.
BTG/USD Daily Chart
- The 20-day Bollinger band’s squeeze shows decreasing market volatility.
- The latest session brought the price back inside the Bollinger band and up to the SMA 20 curve.
- The price has also managed to pass the SMA 200 curve.
- The signal line has taken a turn to move towards the MACD line to show decreasing market momentum.
- The relative strength index (RSI) indicator has taken a sharp turn to move towards the overbought zone.
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.
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