Bitcoin Gold is struggling to hold onto the gains accrued in the last few days. Earlier this month, BTG spiked incredibly hitting $10.50 but lost traction and slipped back under $10.00. Support was established at the 23.6% Fibonacci retracement level taken between the last swing high at $11.50 to a swing low at $7.92.
The relentless bulls forged another attack this week but this time, the price did not manage to cross above the $10.00 hurdle. For this reason, bears are taking advantage and pushing their agenda. At the time of writing, Bitcoin Gold is trading at $9.85. Mainly, all the attention among the bulls is channeled towards defending the immediate support at $9.75.
According to the prevailing technical picture, buyers could eventually outdo the sellers and force a breakout above $10.00. This follows an upward reversal of the RSI from the midline hitting levels above 60. Besides, the MACD is also in the positive region.
In other words, the technical picture is ripe for gains above $10.00 in spite of the rejection recently witnessed. However, holding the bullish action back is the lack of enough volume and low volatility across the cryptocurrency market.
Reprinted from fxstreet.com, the copyright all reserved by the original author.
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