Bitcoin Gold price analysis: BTG/USD recovery fireworks in play; jumps over 6% on Friday

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  • BTG/USD intraday upside movements have been capped below $28.00.
  • The trend is strongly bullish while the $27.00 support is likely to hold in the short-term.

Bitcoin Gold price is among the biggest gainer in the top twenty cryptocurrency bracket by market capitalization. After testing the support at $25.00 during the trading yesterday, the price bounced detangling from the selling pressure that has dominated since Monday. BTG/USD is up 6.2% on the day while it is testing the resistance at the 61.8% Fibonacci retracement level with the last swing high of $31.30 and a swing low of $22.22.

The bullish momentum seems to be back to relieve the buyers after walloping in Bearish pressure. The price cleared the resistance at $27.00 in the Asian trading hours on Friday, but the upside movements have been capped below $28.00.

The 100 Simple Moving Average is offering immediate resistance to the cryptocurrency which is changing hands at $27.5 at the time of press. Bitcoin Gold price must maintain the bullish momentum and break above $28.00 (intraday cap) before gaining momentum to attack the key resistance at $30.00. However, before that, the 50 SMA will prevent the recoil at $28.42.

The trend is strongly bullish at the time of writing, similarly, the stochastic and the RSI are both at 70% and finding balance towards the oversold levels. The $27.00 support is likely to hold ground in the near-term, although a stronger support can be seen at $25.00 on the 1-hour chart.

BTG/USD 1-hour chart

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