Bitcoin Gold Price Technical Analysis – Can BTG/USD Resume Uptrend?




Key Points

  • Bitcoin gold price after trading above $450 against the US Dollar corrected lower.
  • There is a connecting bearish trend line forming with resistance at $300 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The price is correcting higher from $180, but it is facing a major hurdle on the upside.

Bitcoin gold price declined sharply from $480 against the US Dollar. BTG/USD is recovering, but might struggle to break the $300 level.

Bitcoin Gold Price Resistance

During the past few sessions, there was a lot of action in bitcoin gold price (just like bitcoin cash) as it moved above the $400 level against the US Dollar. The price climbed higher and formed a new all-time high near $480. Later, it faced a lot of offers and started a downside move below $400. It broke the 50% Fib retracement level of the last wave from the $120 low to $480 high. The recent low was at $183 from where the price started a new upside wave.

It has moved above the $250 level and the 100 hourly simple moving average. Buyers also succeeded in breaking the 23.6% Fib retracement level of the last drop from the $480 high to $183 low. On the upside, there is a connecting bearish trend line forming with resistance at $300 on the hourly chart of BTG/USD. The trend line resistance is near the 38.2% Fib retracement level of the last drop from the $480 high to $183 low. Therefore, the $300 level is an important resistance for more gains in BTG.

Bitcoin Gold Price Technical Analysis BTG USD

On the downside, the $250 level and the 100 hourly SMA are decent supports and buy zones in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is attempting to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is now back above the 50 level.

Major Support Level – $250

Major Resistance Level – $300

 

Charts courtesy – Trading View, Bitfinex

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is
well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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