Bitcoin Gold Price Technical Analysis – BTG/USD Eyeing Further Gains

Bitcoin Gold Price Technical Analysis BTG USD

Key Points

  • 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.

Bitcoin Gold Price Technical Analysis BTG USD

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

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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