- Bitcoin Gold uptrend continued above $20.00 (current support) to achieve intraday highs of $21.59.
- According to CoinMarketCap, the majority of Bitcoin Gold trading volume goes through HitBTC in BTG/BTC trading pair.
Bitcoin Gold revamped the uptrend after the recent declines that found support above $19.00. BTG/USD remained range bound with the upper limit at $20.00. However, the trading yesterday initiated an uptrend support by both the 50SMA and the 100SMA slightly above $19.50 on the hourly chart. Bitcoin Gold has been trading higher highs and higher lows, besides breaking above the 20.00 resistance gave the buyers a boost.
Bitcoin Gold is ranked 28th in the market and according to that data on CoinMarketCap it has a market capitalization of $360 million; a slight growth from $334 million at the close of the trading session on Monday 27. The asset is up over 6% in the last 24 hours while its trading volume stands at $7.7 million. Most of Bitcoin Gold trading volume takes place on HitBTC which recently controlled 26.75% of the volume in BTG/BTC pair.
Bitcoin Gold exchanged hands as high as $21.59 before starting to correct lower. The buyers are doing the best they can to keep the gains above $21.00. The bullish trendline has been a very vital anchor to the price. A look at the chart shows a series of bounces from the trendline. If the weak support at $21.00 fails to hold, the trendline will prevent a drop towards the resistance turned support level at $20.00.
Consequently, the 50SMA currently at $20.77 and the 100SMA currently at $20.33 are possible support lines above $20.00. The stochastic is heading downwards but currently at 35.18%. The sellers have the control at the moment and the widening gap between the moving averages confirms the bearish trend.
Read more on Bitcoin Gold price analysis here.
BTG/USD 60-minutes
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