Search ForexCrunch
  • Bitcoin Gold overcomes $26.00 resistance culminating in a bull flag pattern breakout.
  • Bulls have locked their eyes on $30 in spite of subtle lower corrections.

Bitcoin Gold price is a shining star in a cryptocurrency universe that is struggling to stay afloat. The asset has spiked again this week amid a widespread cryptocurrency consolidation. Prior to the ongoing surge, BTG/USD corrected higher from the lows traded last month around $17.50. There was a break above the rising trendline as Bitcoin Gold engaged forward gears above $28.00.

The price consolidated in a bullish flag pattern with a support at $25.00. The buyers have been brewing a breakout in the past one week. Their efforts have paid off because BTG/USD has zoomed out of the bull flag pattern and traded above $28.00 before beginning to make subtle lower corrections.

Bitcoin is trading at $27.6 following a 6.37% rise on a daily basis. Applying technical indicators on the chart shows a possible trend continuation in the short-term. The MACD is advancing into the positive territory while the RSI has entered the overbought zone. BTG/USD next resistance zone is $30.0 but first, the bulls must escape the selling pressure at $28.0. The initial support is at $26.00 while other support areas include 25.00 and $17.00.

BGT/USD 15′ chart