The cryptocurrency market is witnessing a short-term pullback as bulls take profit. Bitcoin Gold is one of few digital assets in green, reaching highs of $62.45 in today’s trading session. At the time of writing, Bitcoin Gold (BTG) was exchanging hands at $55.07, up 10.03% in the last 24 hours and 18.77% weekly, with a present market valuation of $991 million. After a bullish ride in the prior week, Bitcoin has cooled off slightly by dipping below $40k while most Altcoins have also retraced. According to the Crypto Fear & Greed Index, which takes multiple factors into account when gauging sentiment across crypto markets, the dip has flushed out “greed.” On Monday, the Index stood at 48/100 — “neutral” territory — versus 60, or “greed,” on Sunday.
Key Levels
Resistance Levels: $122, $99.46, $67.00
Support levels: $44.69, $35.05, $20.62
BTG/USD Daily ChartBitcoin Gold started a positive climb from lows of $33.72 on July 21, crossing above its daily MA 50 ($45.13) and MA 200 at $50.15 to touch the $62.45 level. Taken from today’s lows of $47.86, BTG rallied nearly 30% before paring slight intraday gains. Short-term momentum indicators are endorsing the recent positive move with the RSI climbing in bullish territory.
If the bulls stay in control, the next obstacle after $62.45 is $98.33. If buyers pierce above it, that would reaffirm the positive picture, paving the way for a test of $122.67 level ahead of the yearly high at $172.06. On the flip side, a potential pullback could stall initially near the MA 200 before approaching the MA 50, currently at $45.13. A bearish break below here may open the door for a test of the $27.11- $33.72 support range.
BTG/USD 4-Hour ChartBitcoin Gold’s upside correction overcame the moving averages following a rebound on the base of $33.69 on July 21. Despite the RSI moving in bullish territory, the technical oscillator has slowed down recently, suggesting that the rally may take a breather. The implied decreasing positive momentum in the price is drawing some caution as bullish crosses have occurred between the 4-hour MA 50 and MA 200. If buying interest is sustained beyond the $62.45 barrier, the bulls could then move to test the $98.22 and $122.67 obstacles ahead of the yearly high at $172.06.
Alternatively, if the bears manage to pull the price back below the $55.41 barrier now turned support, the price could initially stall at the MA 50 at $48.48 before testing the MA 200 at $44.08. Lower, if the $37.58 support gives way, traders could shift focus towards the $36.37 level ahead of the floor of lows at $33.69. All in all, BTG/USD remains well bid above the bullish crossover of the 4 hour MA 50 and 200.
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