Bitcoin Gold explodes in fireworks: Up 13% to test $12.25 hurdle

0
  • Bitcoin Gold embarks on a journey of breaking barriers in February.
  • Bitcoin Gold is poised for more movement to the upside and could test $15 in the medium term.

Bitcoin Gold has been on a journey of breaking barriers since the beginning of February. The cryptocurrency market, on the other hand, has been sending both bullish and bearish signals. However, the bulls appear to be gaining more traction gains the bears. We have had a couple of breakouts this month where Bitcoin Gold corrected higher from the primary support at $9.2.

The upswing on February 8 stepped above $10.00 but failed to break past $11.00 forming a high at $10.75. In the past week, BTG/USD was stable above $10.00 while the upside was limited at $10.75 as mentioned.

There was another breakout on today that has seen Bitcoin Gold spike more than 13% from the short-term support at $10.25. The ballistic rise cleared the resistance at $12.50 but turned bearish shirt of $12.50. A correction to the south has found bearing slightly above $11.50 (immediate support. Besides, BTC is valued at $12.11 and facing resistance at $12.25.

Bitcoin Gold is poised for more movement to the upside and could test $15 in the medium term as long as the technical levels remain in the positive. The price is above the moving averages on the 15’ chart while at the same time, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence are sending bullish signals.

BTG/USD 15’ chart

 

 

Get the 5 most predictable currency pairs

About Author

Comments are closed.