- BTG/USD stalls at the 50 SMA ahead of a possible channel breakout.
- Bitcoin Gold continues to fall within a wide descending channel in spite of a 2% recovery on the day.
Bitcoin Gold is among the best performing digital assets in the market on Wednesday, especially during the European session. Recovery has been staged from Monday’s losses at $8.06. Looking back the price has been in a downward trend since the hurdle at $10.00 in the first week of June.
Initial support has been established at $8.50; function as the stepping stone for the ongoing gains towards $9.00 (100 SMA). A descending trendline continues to limit the price action to the upside. Moreover, the immediate upside is limited by the 50 SMA in the 4-hour range.
Bitcoin Gold’s technical picture shows that recovery to $9.00 and $10.00 is possible but will be gradual. The RSI has already slowed down movement to the overbought region and shows signals of adapting a sidelong action. On the other hand, the MACD comfortably places the price in the hands of the buyers. A descending channel breakout is expected in the shoot the price above $10.00 in the short term.