- The Bitcoin Gold price overcame a long-term bearish pattern called a Falling wedge.
- After the breakout, BTG price reached an important resistance level.
- BTG Crypto is moving higher and opposing the 200-day EMA.
The Bitcoin Gold coin has become the second biggest gainer in the last 24 hours. BTG Coin surged over 49% in the last 7 trading sessions. Buyers are eyeing the next resistance levels which may affect the ongoing trend.
The Bitcoin Gold price was declining after rejection near the 52-week top $93.2 mark. If the buyers manage to keep the altcoin price in the higher zone, this 12-month high still remains a major selling point for the buyers.
Buyers struggled near the resistance trendline of the falling wedge channel before the breakout. Last night was an amazing trading session for BTG buyers as they overcame a selloff after 10 months with a strong Bullish candle. Later, buyers are looking aggressive today as they attempt to break the immediate bullish barrier at $28.
Meanwhile, the Bitcoin Gold coin is trading at the $27 mark while clearing the bullish hurdle. Thus, according to CMC data, the market cap of BTG crypto increased by 29% to $473 million in the last 24 hours. Amid higher momentum, the bitcoin gold coin belonging to the bitcoin pair is up 18.6% in the green at 0.001166 satoshis.
BTG Price Retests the 200 DMA as a Resistance
In terms of the daily time frame window, BTG Crypto is opposing the 200-day moving average while continuing to move higher. The 200 DMA (red) has been an important hedge area for buyers over the past 10 months. Moreover, important DMAs like 20, 50 and 100 are below the current price of BTG coin.
The Stoch RSI indicator is forming a high-low. Now again the RSI indicator is giving a bullish signal for the BTG coin.
Conclusion
If buyers close the 200 day moving average as well as the daily price candle above the $30 level, then Bitcoin Gold Coin may break the key bullish barrier. Furthermore, the trading volume gradually increases and reflects the accumulation of buyers.
Support level – $20 and $14
Resistance level – $30 and $50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.