Bitcoin Gold price analysis: BTG/USD finally breaks above $8.40 support line

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  • BTG/USD has been trending horizontally in a narrow range between $7-$8.50.
  • The MACD indicator shows sustained bullish momentum.

BTG/USD daily chart

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After repeatedly struggling to get past the $8.40 support line, BTG/USD finally succeeded in doing so this Monday. After a brief correction this Tuesday, the price again managed to break past the resistance level and is trending around $8.65 as of press time. The price has found support at the upward trending line, the 20-day Simple Moving Average (SMA 20) and SMA 50. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum, while the Elliott Oscillator has had three straight green sessions. The Relative Strength Index is trending around 61.10, next to the overbought zone.
 

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