The cryptomarket is posting a gradual recovery after yesterday’s declines. The news of El Salvador passing a bill to endorse Bitcoin as a legal tender added a positive boost to BTC price and ultimately the cryptomarkets. On June 9, the President of El Salvador’s bill to make Bitcoin (BTC) legal tender in El Salvador passed congress with a supermajority. Bitcoin Hardforks such as Bitcoin Gold (BTG) were seen recording a sudden spike in value amid this positivity. At the time of writing, BTG was exchanging hands at $66.69, up 46.73% in the last 24 hours and 25.88% weekly. The Altcoin, Bitcoin Gold came about as one of the multiple hard forks of Bitcoin in 2017, the year that also spawned Bitcoin Cash (BCH), Bitcoin Diamond (BCD), and others. Still, within the top 100, Bitcoin Gold’s market valuation stands at $1.34 billion with a 24-hour trading volume of $176 million.
Key Levels
Resistance Levels: $160, $140, $122
Support levels: $67, $50, $35
BTG/USD Daily ChartBTG/USD turned into sideways consolidation after plunging to lows of $39.48 on May 19. BTG’s price rose above the consolidation range during Wednesday trading to attain intraday highs of $91.73. The RSI above the 50 neutral marks conveys the positive momentum. Though BTG’s price briefly traded above the MA 50 ($81.78) in today’s session, a sustained rally past this key level may be necessary to confirm an upside breakout.
The immediate clearance of this would lead to a retest of the $91.73 peak. A bullish close above this critical level would lift BTG’s price to the $123-141 range before a retest of the $172.06 yearly high. Alternately, a move lower below current levels could see BTG’s price falling to the consolidation base near $40 which overlaps with the MA 200.
BTG/USD 4-Hour ChartThe BTG/USD pair regained traction on June 9 to reclaim the MA 50 at $57.47 while trading briefly above the MA 200 ($75.90). A sustained lift of the MA 200 is needed to accelerate upside momentum, the RSI in the bullish territory is suggesting an advantage to the bulls. A break higher above the $91.53 level would expose key barriers at $121 ahead of the yearly highs of $172.
On the downside, a cracked moving average of 50 remains initial support ($57.44). Caution on failure to close above the MA 50 could weaken the technical structure and risk fresh downside. In this case, the key support levels at $47 and $40 may come into the spotlight. Overall, Corrective dips are expected to offer better opportunities, with broken MA 50 expected to hold dips and keep bulls in play.
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