- Bitcoin Gold soars over 19% on Tuesday amid renewed bullish interest across the market.
- Bitcoin Gold seeks support above $8.00 in a bid to push for gains targeting $10.
Bitcoin Gold pushed against key resistance levels, including $7, $7.5 and $8.5 in an incredible engulfing candle. The $19% surge has almost double the price at the beginning of the year. Moreover, the improving technical picture suggests that Bitcoin Gold has the potential to correct to new 2020 levels, eyeing $10.
The 50 Simple Moving Average (SMA) has been very instrumental in the recovery witnessed since the first week of January. In the event a reversal occurs, the 50 SMA on the 4-hour chart will function as a support line. Additional support is expected from the 100 SMA in the same range.
According to the Relative Strength Index, the bullish action on the day is still intact. As long as the price stays above $8.00, gains towards $10 are likely. Amid the high volatility, the increasing volume suggests this bullish pressure will last longer.