Altcoins

Bitcoin Gold price continues to surge, technical analysis sheds light

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 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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