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Bitcoin Gold Price Analysis: BTG/USD bulls in cruise control as price breaks above SMA 50 and SMA 200

FX Street
Updated:
  • BTG/USD is hovering above $8 after breaking above the pennant structure and the 20-day Bollinger Band.
  • The RSI indicator has jumped from 50 to 59.

BTG/USD daily chart

BTG/USD daily chart

BTG/USD bulls took back control following a bearish Tuesday. The price has jumped up from $7.81 to $8.46, breaking above the $8 psychological level. In the process, BTG/USD managed to break past several other key levels, such as – the 20-day Bollinger Band, SMA 50, SMA 200 and the pennant structure. Up next, the bulls will aim to break above the $9 resistance level. However, since BTG/USD is trending above the 20-day Bollinger Band, it is overpriced and may face bearish correction soon. The RSI indicator has gone up from 50 to 59.

Key Levels

 

 

FX Street

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