Bitcoin Gold market overview: BTG/USD strongest daily gainer ahead of Bitcoin

0
  • Bitcoin Gold gains come after several days of consolidation between $26 – $27.
  • Bitcoin Gold has formed a high at $31.40 but is currently retracing towards $30.00.

Bitcoin Gold (BTG) and Bitcoin (BTC) are the best performing digital assets in the cryptocurrency market. BTG leads with gains in excess of 4.5% while Bitcoin is up 2.7% on the day. The crypto appreciated in value incredibly for the past three days. The gains came after several days of consolidation in a narrow range between $26 and $27.

The initial break occurred on Monday with a step above both the 50 Simple Moving Average (SMA) and the 100 SMA 1-h. The buyers pushed the price higher above the resistance at $27 opening the door for correction that zoomed above $30.00.

Bitcoin Gold has formed a high at $31.40 but is currently retracing towards $30.00. Technical indicators are still bullish at press time, which means a higher low pattern is possible. The Relative Strength Index (RSI) retreat from the levels above 70 suggests an impending reversal from the intraday high. The Moving Average Convergence Divergence (MACD) shows the bulls losing grip as the bears gain traction.

Initial support has been established at $30.00 while the next target is at $27. Any further correction will seek refuge at $26 – $27. Both the moving averages currently at $28.47 (50 SMA) and $27.53 (100 SMA) will prevent declines in that order.

BTG/USD 1-h chart

 

Get the 5 most predictable currency pairs

About Author