Altcoins

Bitcoin Gold price continues to surge, technical analysis sheds light

Bitcoin surge

Bitcoin Gold price have started to surge again despite the overall sentiment of the cryptocurrency market being on a bearish end.

Bitcoin gold price has struggled to establish a huge increase though and hasn’t managed to breach the resistance line being shown at $240. As of this writing the cryptocurrency is trading at $214 (global average). The BTG/USD pair tested the $190-200 support and is currently moving back towards $230-240.

There were a few upside swing moves in above $200 in bitcoin gold price against the US Dollar. The price tested the $240 resistance and failed to gain momentum. There were two attempts to trade past $240, but buyers failed to push the price above $240-250. As a result, there was a downside reaction below $230.

More importantly, there was a break below a short-term bullish trend line with support at $225 on the hourly chart of BTG/USD. The pair even broke the $200 support once and the 100 hourly simple moving average. BTG is currently moving higher and is trading above the $210 levels.

It could continue to move higher toward the $230 and $240 resistance levels. However, it needs to gain momentum above $240 to drift towards the $280 and $300 levels. On the downside, the $200 level is a short-term support followed by the $190 low.

About the author

Carol Harris

Carol Harris

Carol has over 6 years of experience in online news industry. She started out as a content writer for a number of news organizations around the world, eventually landing the job of editor at Bitcoin Journal.

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