Bitcoin Gold price is up 23% in the past 24 hours as price breaks above $10.00, though overbought conditions shown by technical picture indicates possible reversal to lows of $9.00
Bitcoin Gold outperforms BTC/USD, ETH/USD and XRP/USD
As of writing, Bitcoin Gold has gained 23% in the past 24 hours to see its price hit an intraday high of $11.45. The altcoin climbed from $7.90 — with increased buying pressure during the Asian market aiding the massive uptick.
The momentum that took BTG/USD to intraday highs is slowing, but the Bitcoin hard fork is still outperforming most of the top cryptocurrencies. On the weekly, Bitcoin Gold’s price is 14% up.
Most of the top cryptocurrencies by market cap, including Bitcoin, Ethereum and Ripple, have all seen dips, trading in the red on the weekly; BTC/USD is down 3.7%, ETH/USD 4.5% and XRP/USD, which has been in a downtrend for over 900 days, is down by 5.51%.
Bitcoin Gold technical view
A look at the daily charts shows that Bitcoin Gold has broken above multiple resistance levels once bulls breached $8.00. The altcoin is currently trading above the 50 and the 200 simple moving averages.
If the buyers retain the upper hand and push prices above the descending trendline, it is that possible sellers will yield to pressure at $10.00 to see prices test $11.00.
However, this level is likely to prove difficult to breach as BTG/USD is trending in overbought territory as indicated by the RSI. Rejection at this level could mean bulls have to defend prices around the $9.5 and $9.00 support zones.
As per the charts, there is bullish divergence formed by the MACD on the daily timeframe. This could mean that although bulls may gain more dominance, the market could see sideways trading in the short term as the RSI turns south. If it continues below 50, sellers could take the initiative and attempt to push prices lower.
Bitcoin Gold is not the only Bitcoin hard fork coin to post huge gains in the past 24 hours; Bitcoin Diamond has also been a big gainer during today’s Asian trading session. The altcoin is up 12% on the day and 21% over the past week.