advertisement

BTG Price Analysis: Unexpected Breakout to $44.65 on BTG/USD, Bitcoin Gold Decouples Briefly From BTC Price

The BTG/USD pair is only bullish while trading above the MA 50 and 200, key resistance is found at the $44 and $50 levels.

The crypto market took a downturn in the earlier part of today when BTC price dipped to lows of $53,000. At the time of writing, the crypto market is a sea of red except for selected Altcoins. Amid the downturn, Bitcoin Gold is one of the few digital asset tradings in green while registering an unexpected breakout to fresh highs of $44.65. Bitcoin Gold was forked from Bitcoin in 2017 to resolve its distribution issues. Bitcoin Gold entered a bear market after reaching all-time highs of $539.72 in October 2017. At its current price, Bitcoin Gold is up 1338.93% from its Nov 2020 lows of $2.54 but down 93% from its all-time high. Bitcoin Gold presently trades at $33.89, up 16.55% in the last 24 hours and 29.54% weekly. Still within the top 100 category, Bitcoin Gold’s market valuation stands at $679 million with a 24-hour trading volume of $576 million. Bitcoin may be stuck in a tight range but that has not stopped select Altcoins from continuing their journey to new highs. Earlier when Bitcoin took a downturn to lows of $53,000 and a majority of Altcoins followed, BTC forks notably Bitcoin SV and Bitcoin Gold (BTG) took a reverse trend, decoupling briefly from the lead asset.

*Bitcoin Gold entered a bear market after reaching all-time highs of $539.72 in October 2017
*Bitcoin Gold is trading at $33.89, up 16.55% in the last 24 hours and 29.54% weekly
*Bitcoin Gold (BTG) took a reverse trend, decoupling briefly from the lead asset

Key Levels
Resistance Levels: $60.00, $50.00, $44.65
Support levels: $30.60, $27.07, $23.53

BTG/USD Daily Chart: Bullish

BTG/USD Daily Chart

Bitcoin Gold is once again showing signs of life. The Altcoin soared above the $36 resistance on March 22. This attracted further buying today, pushing the BTG/USD pair to the overhead resistance at $44.65. If the bulls can drive the price above this level, the pair is likely to pick up momentum and rally to $50 and then to $60.

The RSI still has room to grow suggesting that further price increases may be anticipated. This positive view will invalidate if BTG price turns down from $44.65 and breaks below the MA 50 at $25.35. This may deepen the correction to $20.62. Robust support is anticipated at the MA 200 ($13) if the declines persist.

BTG/USD 4-Hour Chart: Ranging

BTG/USD 4-Hour Chart

After consolidating a while below the MA 50 at $30.60, BTG had a significant breakout on Mar. 23, flipping the MA 50 resistance. The bulls however could not sustain the move past $44.65 following short-term profit-taking. Increased selling pressure might force a retest of the MA 50 formerly resistance zone.

If the price rebounds from this level, the highs at $44.65 might be reached before a bullish continuation to $50 and $60. Conversely, if the support at MA 50 caves in, BTG price may down spiral to hit support at $29.24 located at the MA 200. The BTG/USD pair is only bullish while trading above the MA 50 and 200, key resistance is found at the $44 and $50 levels.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.