Bitcoin Gold market overview: BTG/USD leads with double digit gains

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  • BTG/USD butchered its way through the support at $27 before finding support at $26.78.
  • The current momentum is still strongly bullish, especially with the MACD increasing divergence.

Bitcoin Gold is leading with impressive double-digital gains. Following the breakdown experienced on Wednesday, BTG/USD butchered its way through the support at $27 before finding support at $26.78 (swing low). The correction staged from yesterday initially broke above the confluence formed by the 23.6% Fib retracement level taken between the last swing high of $32.37 to a swing low of $26.78.

Further movement north reclaimed support at $30 and extended the gains above the 61.8% Fib retracement level. Bitcoin Gold has corrected above the previous weekly high at $31.41 and formed a new weekly high at $32.37.

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At the moment, the price is exchanging hands at $31.55. The current momentum is still strongly bullish especially with the Moving Average Convergence Divergence (MACD) increasing divergence north which suggests that buyers will continue gaining traction. The momentum is also emphasized by the Relative Strength Index moving into the overbought. For now, support above the 61.8% Fibo and $30.00 will go a long in pushing the price higher.

BTG/USD 1-h chart

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