• Bitcoin Gold engages reverse gears on hitting acute resistance at $15.
  • The developing bearish picture puts to great risk the support at $10.

The bullish magic that colored the cryptocurrency market has not only faded away but also disappeared without a trace. The couple of days that saw Bitcoin Gold correct almost three times its value at the beginning of the year fizzled out after hitting extreme selling pressure at $15.

Recently, Bitcoin Gold celebrated its listing on a new cryptocurrency exchange called Fibercoin. The listing allows users to trade BTG/FBC pair. Fibercoin continues to grow its ecosystem by supporting new cryptoassets. The main goal of Fibercoin is to simplify trading for both beginners and experienced traders.

Bitcoin Gold technical picture

At the time of writing, Bitcoin Gold is trading at $12.22 following a 14.67% decrease in value. The massive drop follows a correction from the opening value of $14.32. Bitcoin Gold tried to break out towards the hurdle at $15, but the seller congestion at $14.32 (intraday high), stopped the bullish action.

For now, the path of least resistance is to the south, besides the bears have eyes on breaking under the support at $10. The Relative Strength Index displays a weakening bullish picture giving way to a stronger sellers’ grip. Support is expected at $10, the 100-day SMA and the 50-day SMA.

BTG/USD daily chart

 



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