Bitcoin Gold Price Technical Analysis – BTG/USD Struggles To Recover




Key Points

  • Bitcoin gold price failed to move above the $280 level and extended declines against the US Dollar.
  • Yesterday’s highlighted connecting bearish trend line with current resistance at $225 is intact on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The price is struggling to gain traction and might test the $180 support area in the near term.

Bitcoin gold price failed to break $300 against the US Dollar. BTG/USD is now under pressure and it might decline towards $200-180.

Bitcoin Gold Price Upside Hurdle

After a nasty upside ride, we saw a decent decline in bitcoin gold price towards $180 against the US Dollar. Later, the price started an upside correction, but failed to move above the $270-280 levels. It seems like the price failed to settle above the 23.6% Fib retracement level of the last decline from the $478 high to $183 low. Moreover, yesterday’s highlighted connecting bearish trend line with current resistance at $225 on the hourly chart of BTG/USD acted as a major hurdle.

The same trend line is still intact and preventing gains above $220-230. The worst thing is the fact that the price is now below the 100 hourly simple moving average and juts holding $200. It won’t be easy for buyers to push the price above $230. Above $230, the next major hurdle is near $270. Only a close above $270 would call for a test of the 50% Fib retracement level of the last decline from the $478 high to $183 low at $330.

Bitcoin Gold Price Technical Analysis BTG USD

On the downside, the $200 handle and the $180 swing low are decent support levels for the current decline.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is back in the bearish zone, showing negative signs.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently near 40 with no sign of a recovery.

Major Support Level – $180

Major Resistance Level – $230

 

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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