- Bitcoin gold price started a nice upside move from the $250-260 support area against the US Dollar.
- This is a major ascending channel forming with support at $300 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The price remains in an uptrend and it will most likely move above the $340 and $350 levels in the near term.
Bitcoin gold price is gaining pace above $300 against the US Dollar. BTG/USD might soon accelerate higher toward the $340 and $350 levels.
Bitcoin Gold Price Support
There was a bullish price action in bitcoin gold price above the $250 support against the US Dollar. The price consolidated above the $250 support for some before starting an upside move. It moved above the $300 resistance and settled above the 100 hourly simple moving average. It even traded above the $320 resistance and formed a high near $340 before starting a downside correction.
It recently tested the $285 support area and moved back above $300 and the 50% Fib retracement level of the last decline from the $340 high to $288 low. The current price action is positive above the $300 level and the 100 hourly SMA. It seems like there is a major ascending channel forming with support at $300 on the hourly chart of BTG/USD. The pair is following the channel nicely and it might soon attempt a break above the $340 and $350 levels.
On the upside, an intermediate resistance is around the 61.8% Fib retracement level of the last decline from the $340 high to $288 low. As long as the price is above the $300 support level, it remains in the bullish zone with target as $350.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD might soon move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is just above the 50 level.
Major Support Level – $300
Major Resistance Level – $320
Charts courtesy – Trading View, Bitfinex