BTGUSD Major long-term bullish break-out!

Bitcoin Gold (BTGUSD) broke today above the Lower Highs trend-line that started after the Cycle's High on May 2021. That is a major bullish break-out and the last Bear Cycle Resistance standing in the way is the 1W MA200 (orange trend-line), which even though it broke in mid October 2022, the 1W candle failed (emphatically) to stay and close above it.

Secondary bullish break-out signal is given by the 1W RSI which broke above the 53.10 Resistance, a level holding since November 2021, which has 2 clear rejections on it. The RSI is about to get overbought so failure to close above the 1W MA200 could deliver a pull-back for the final 1W MA50 (blue trend-line) test as Support. A 1W candle close above the 1W MA200 however, will be a buy break-out signal towards the Target Zone within the 0.5 Fibonacci level and the March 22 2022 High (42.000 - 48.250). Our long-term target falls within that zone at 44.000, which is the high of the October 17 2022 1W candle.

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