Bitcoin Gold is finally starting to settle down after incurring extreme volatility and spiking higher by over three hundred percent last week.
Bitcoin Gold analysis shows that the cryptocurrency could fall towards the $9.00 level if the $11.00 support level is breached.
Bitcoin Gold medium-term price trend
Bitcoin Gold technical analysis shows that the cryptocurrency is technically bullish while trading above the $11.00 level.
The Bitcoin Gold/USD pair surged higher by over three hundred percent last week, as altcoins enjoyed their best week of 2020 so far.
Bitcoin Gold has since held onto over ninety percent of its 2020 trading gains, and is settling around the $11.50 level, as the broader cryptocurrency consolidates.
If bulls can move the price above the pair’s 200-day moving average it would be taken as a positive for Bitcoin Gold technical traders, and could provoke a move back towards the $16.00 level.
The daily time frame highlights that a loss of the $11.00 level could cause the cryptocurrency to slip back towards the $9.00 level.
Going forward, moves in the broader cryptocurrency market, and Bitcoin, are going to heavily influence Bitcoin Gold’s medium-term directional bias.
Bitcoin Gold short-term price trend
Bitcoin Gold price analysis over the short term shows that the cryptocurrency is currently trapped within a falling price channel.
The cryptocurrency is bullish in the short-term while trading above the $7.00 level, however, upside momentum is starting to fade.
The four-hour time frame shows that a loss of the $11.25 level could cause the Bitcoin Gold to drop towards the bottom of the price channel, around the $9.00 level.
Continued price stabilisation above the $11.25 level will likely see bulls testing towards channel resistance, around the $13.00 level.
Short-term upside targets for the cryptocurrency above the price channel are currently found at the $15.00 and $16.00 levels.
Bitcoin Gold technical summary
Bitcoin Gold technical analysis suggests that the cryptocurrency could decline towards the $9.00 level if the $11.00 support level is lost