- Bitcoin Gold turns bearish on testing the resistance at $12.00.
- The immediate support at the 100 SMA must hold to avoid declines that could touch $10.00.
Bitcoin Gold is suffering the most under the tough bears’ grip on Tuesday. The cryptoasset has transformed from being one of the best-performing assets in January to the biggest daily loser.
The trading in both the Asian and the European sessions has been characterized by increased selling activity. Following the opening value of $11.77, BTG hit a low at $11.07 before adjusting to $11.21 (market value). In other words, the cryptoasset has thinned 4.46% barely halfway through the day’s trading.
Meanwhile, the immediate upside is capped by the 50 SMA in the 4-hour range. The downward momentum follows an attempt to clear the resistance at $12.00. This breakout emanated from the surge above the trendline resistance.
The RSI clearly shows the bears are gaining traction. It also means that if the 100 SMA support gives in, Bitcoin Gold is likely to spiral towards $10.00 and $8.00 support areas respectively. As the sellers push to explore the rabbit hole, the bulls are keen to keep the focus on the target at $15.00.