Bitcoin Gold Price Analysis: BTG/USD up 1.6% ahead of symmetrical triangle breakout

  • Bitcoin Gold conspicuous recovery stalls short of $10.00; upside capped by the 50-day SMA.
  • BTG/USD sideways trading after brief spikes delays possible symmetrical triangle breakout.

Bitcoin Gold is the most improved cryptocurrency in the market during the Asian hours on Tuesday. Most of the digital assets are in the green but lack the proper volume to enforce significant gains. BTG/USD is up over 1.6% on the day after advancing higher from opening value. In the meantime, BTG/USD is trading at $9.37 ahead of a possible symmetrical triangle breakout.

Marginally above the prevailing market value is the first hurdle at the 50 SMA in the daily range. Besides that, the triangle resistance is still standing in the way of the expected gains. However, a break past the pattern’s resistance could see Bitcoin Gold not only taking down the resistance at $10.00 but also closing the gap towards the psychological hurdle at $14.00.

On the downside, if the expected triangle breakout fails to materialize, consolidation would most likely take over. The RSI would need to maintain a higher level, preferably above the average. The MACD is already moving horizontally in tandem with the mean line (0.00). If push comes to shove a breakdown could test the support at $8.00. Also holding BTG/USD in place is the 100-day SMA currently at $8.86.

BTG/USD daily chart

BTG/USD price chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA targets 900% bull rally, but it must clear $0.33 first

Cardano had a significant rally towards $0.355 at the beginning of 2021. After a notable dip to $0.228, bulls bought it and managed to push Cardano price to $0.33 again before a small rejection.

More Cardano News

Ethereum price aims to flush out doubters before the ultimate breakout to $2,000

Ethereum bulls bought the dip on January 11, pushing the digital asset from a low of $915 towards $1,256. The smart-contracts giant has been outperforming Bitcoin in the past 24 hours despite the negativity seen on social media.

More Ethereum News

XLM Price Prediction: Stellar consolidates ahead of a 30% move

XLM price trades at $0.291 at the time of writing after a healthy consolidation after hitting a 2021-top at $0.411. There is a high chance that XLM is about to see a massive breakout or breakdown within the next 24 hours.

More XLM News

Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. The panic sell-off was stopped on its tracks at the 26-EMA on the daily chart as bulls quickly bought the dip and created a V-Shape recovery pushing BTC towards $40,100 again. 

More Bitcoin News


Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast