Bitcoin Gold price up 10%, BTG price technical analysis

After a huge slump, Bitcoin Gold is recovering with its price up by 12 per cent and is climbing towards the $200 mark which it failed to sustain in the latest round of corrections.

There seemed to be a bearish trend for Bitcoin Gold, but that hasn’t sustained for long and in a matter of hours the BTG/USD chart is towards an up again with BTG currently trading at $192. It went down to nearly $150 and so the latest round of surge is impressive to a certain level.

There was no major recovery above $220 in bitcoin gold price against the US Dollar. The price faced a lot of selling pressure and it declined below the $200 support as well. The decline was such that the $180 support was also pierced. It traded as low as $150.88 and later it started an upside correction.

However, there are many resistances on the upside around $200. There is also a short-term connecting bearish trend line forming with resistance at $185 on the hourly chart of BTG/USD. Above the trend line resistance, the $200 level is a major resistance. It was a support earlier and now it may stop gains above $200-210.


Bryan White

Bryan has been a contributor in a number of online news publishing houses as a freelancer. He is a seasoned contributor with extensive experience in covering technology.

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