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.
BTG/USD 4-hour chart
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