- Bitcoin Gold 5% surge leads recovery in the crypto market on Thursday during the Asian session.
- BTG/USD soars above the descending channel resistance in a bid to tackle resistance at $12.00 and $14.00.
Bitcoin God bulls are not afraid to take advantage of the bullish wave sweeping across the cryptocurrency market. The ongoing bullish action is part of the recovery move that ensued since the March price crash when BTG/UDD plummeted to $4.00. A recent break above the moving average confluence (slightly above $8.00), paved the way for the gains recorded in the past week.
At the moment, Bitcoin Gold is doddering at $10.52 following an impressive 5% gain on the day. The price has also broken above descending channel resistance. Buyers look forward to trading past the next hurdles at $12.00 and $14.00 (February highs).
Meanwhile, the uptrend is supported by the slow stochastic oscillator (SSTO), currently fighting to re-enter the overbought region. The MACD is also leveling within the positive region. If a divergence above the MACD comes into place, buyers could be encouraged to increase their positions in order to approach the hurdles at $12.00 and $14.00. In case of a reversal from the prevailing levels, bulls can hope for support at $10.00, the confluence of the 50-day SMA and the 100-day SMA, $6.00 as well as the major support between $4.00 and $5.00.
BTG/USD daily chart
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