Bitcoin Gold Price Technical Analysis – BTG/USD Approaching Key Support

Key Points

  • Bitcoin gold price is slowly recovering and is currently trading above the $200 level against the US Dollar.
  • There is a key bearish trend line forming with resistance at $250 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair may continue to move higher, but it could face sellers near the $240 and $250 resistances.

Bitcoin gold price is recovering from the $140 support zone against the US Dollar. BTG/USD might recovery further and it could test the $240-260 resistance zone.

Bitcoin Gold Price Resistance

After trading as low as $143, bitcoin gold price started a recovery against the US Dollar. The price moved higher and broke the $200 resistance level to set the pace for more gains. It also cleared the 23.6% Fib retracement level of the last decline from the $340 swing high to $143 low. The current price action is positive and there are chances of more gains above $220 in the near term.

At the moment, the price is testing a key resistance at $218-220 and the 100 hourly simple moving average. The $218 level is also the 38.2% Fib retracement level of the last decline from the $340 swing high to $143 low. Above the $220 level, there is a major bearish trend line forming with resistance at $250 on the hourly chart of BTG/USD. The trend line resistance around $250 is the most important barrier for buyers on the upside. An intermediate resistance is around the 50% Fib retracement level of the last decline from the $340 swing high to $143 low at $241.

Bitcoin Gold Price Technical Analysis BTG USD

The current momentum is positive, but it won’t be easy for BTG/USD to break the $240-250 resistance area.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is moving higher towards the 60 level.

Major Support Level – $200

Major Resistance Level – $250

 

Charts courtesy – Trading View, Bitfinex

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Key Points

  • Bitcoin cash price recovered well from the $1340 low to well above $1700 against the US Dollar.
  • However, this week’s highlighted crucial bearish trend line with current resistance at $1900 is preventing gains on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair needs to overcome selling pressure around the $1900 and $2000 levels to gain momentum.

Bitcoin cash price has moved into the positive zone above $1700 against the US Dollar. BCH/USD now has to move past $2000 for more gains.

Bitcoin Cash Price Upside Hurdle

Yesterday, we saw the start of a decent recovery in bitcoin cash price from the $1340 low against the US Dollar. The price moved higher and succeeded in breaking the $1700 resistance. There was also a break above the 38.2% Fib retracement level of the last fall from the $2405.2 high to $1340.9 low. The current price action is positive above the $1700 level, but BCH is facing a major hurdle on the upside.

At the moment, the 50% Fib retracement level of the last fall from the $2405.2 high to $1340.9 low at $1870 is acting as a major hurdle. More importantly, this week’s highlighted crucial bearish trend line with current resistance at $1900 is preventing gains on the hourly chart of BCH/USD. Therefore, there are two major resistance for more gains – $1900 and $2000. The pair has to move past $1900 and close above $2000 to gain further upside momentum.

Bitcoin Cash Price Technical Analysis BCH USD

Around the mentioned $2000, the price faces the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last fall from the $2405.2 high to $1340.9 low is at $1997. On the downside, an initial support is at $1700 followed by the $1500 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just above the 50 level.

Major Support Level – $1500

Major Resistance Level – $2000

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin cash price started a recovery after trading as low as $1340 against the US Dollar.
  • This week’s highlighted major bearish trend line with current resistance at $2000 is still in place on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair may correct further in the near term, but it faces a major challenge near $2000.

Bitcoin cash price is recovering from the $1340 swing low against the US Dollar. BCH/USD is still below a major resistance area at $2000.

Bitcoin Cash Price Recovery

During the past three days, we saw a major decline in bitcoin cash price below the $2000 level against the US Dollar. The price fell sharply and it even broke the $1500 support. It traded close to the $1300 level and formed a low at $1340. Later, a decent upside recovery was initiated and the price moved above the $1500 level. There was a close above the 23.6% Fib retracement level of the last decline from the $2400 high to $1340 low.

It is a positive sign, but the price still faces many resistances on the upside around $2000. More importantly, this week’s highlighted major bearish trend line with current resistance at $2000 is still in place on the hourly chart of BCH/USD. The pair may correct further. But it won’t be easy for buyers to break the $2000 level. At the moment, the price is trading near the 50% Fib retracement level of the last decline from the $2400 high to $1340 low at $1870.

Bitcoin Cash Price Technical Analysis BCH USD

A push above $1870 will most likely call for a test of the $2000 resistance. On the downside, supports are seen near the $1600 and $1500 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is now back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has moved above the 50 level.

Major Support Level – $1600

Major Resistance Level – $2000

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin gold price declined further and it failed to stay above the $200 level against the US Dollar.
  • There is a short-term connecting bearish trend line forming with resistance at $185 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair is currently holding $150, but it is struggling to stay above the mentioned support.

Bitcoin gold price broke a major support area at $150 against the US Dollar. BTG/USD could correct higher, but upsides remain capped by the $200 level in the near term.

Bitcoin Gold Price Resistance

There was no major recovery above $220 in bitcoin gold price against the US Dollar. The price faced a lot of selling pressure and it declined below the $200 support as well. The decline was such that the $180 support was also pierced. It traded as low as $150.88 and later it started an upside correction. It tested the 23.6% Fib retracement level of the last drop from the $338 high to $150 low.

However, there are many resistances on the upside around $200. There is also a short-term connecting bearish trend line forming with resistance at $185 on the hourly chart of BTG/USD. Above the trend line resistance, the $200 level is a major resistance. It was a support earlier and now it may stop gains above $200-210. Should there be a close above $200, the price could test the 50% Fib retracement level of the last drop from the $338 high to $150 low.

Bitcoin Gold Price Technical Analysis BTG USD

Overall, there is a lot of pressure on BTG and it could face a lot of offers near $200. If it fails to break $200, there is a chance of it breaking $150 as well.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is slightly moving higher towards the 40 level.

Major Support Level – $150

Major Resistance Level – $200

 

Charts courtesy – Trading View, Bitfinex

Key Points

  • Bitcoin cash price faced heavy selling pressure and it declined toward $1500 against the US Dollar.
  • Yesterday’s highlighted major bearish trend line with resistance at $2100 is intact on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair may correct a few points, but it is likely to face resistances near $2000 and $2100.

Bitcoin cash price declined sharply toward $1500 against the US Dollar. BCH/USD is now in a bearish trend as long as it is below $2100.

Bitcoin Cash Price Downtrend

There was a start of a fresh downside wave in bitcoin cash price from the $2600 swing high against the US Dollar. The price crashed and declined below a few important support levels such as $2200 and $2100. The decline was such that the price even declined below the $1600 support. It traded close to the $1500 level and formed a low at $1501.7. Later, an upside correction was initiated and the price moved above the 23.6% Fib retracement level of the last drop from the $2403 high to $1501 low.

However, there are many resistances on the upside around the $2000 level. Above $2000, yesterday’s highlighted major bearish trend line with resistance at $2100 is intact on the hourly chart of BCH/USD. Moreover, the 50% Fib retracement level of the last drop from the $2403 high to $1501 low is at $1952 to prevent upsides. Therefore, it seems like there are many barriers for buyers around the $1950 and $2100 levels. As long as the price is below the $2100 level, it remains in a downtrend.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, an initial support is around $1600, followed by the last swing low of $1501. A break below $1501 could increase a lot of pressure for a move toward $1200.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well below the 50 level.

Major Support Level – $1500

Major Resistance Level – $2100

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin cash price failed to stay above the $2400 support area and moved down against the US Dollar.
  • There is a major bearish trend line forming with resistance at $2400 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair is likely to continue its decline towards $2100 since it is now well below the 100 hourly simple moving average.

Bitcoin cash price is moving lower sharply from $2550 against the US Dollar. BCH/USD could extend declines and may even test the $2100 level.

Bitcoin Cash Price Resistance

Yesterday, we saw a recovery wave in bitcoin cash price around the $2500 level against the US Dollar. However, the price failed to stay above the $2500 support since the $2550 level acted as a major resistance. As a result, there was a downside reaction from $2550. The price declined and broke a few important support levels including $2460 and $2400.

There was a break below the 61.8% Fib retracement level of the last upside wave from the $1997 low to $2750 high. BCH is currently trading just above the $2200 level and it seems like it may extend declines. The next major support is around the $2100 level. An intermediate support is around the 76.4% Fib retracement level of the last upside wave from the $1997 low to $2750 high. Below the mentioned $2100, the price is likely to retest the $2000 support and the $1997 swing low.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, there is a major bearish trend line forming with resistance at $2400 on the hourly chart of BCH/USD. The trend line resistance and the $2350 hurdle are likely to prevent gains in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently heading towards the oversold levels.

Major Support Level – $2100

Major Resistance Level – $2400

 

Charts courtesy – Trading View, Kraken

Indonesia’s Central Bank, Bank Indonesia (BI), have united with the national police service to tackle the illegal use of Bitcoin in Bali. According to them, the tourist hot spot is much more likely to attract people trying to use the cryptocurrency for transactions that are outside the law. The Jakarta Post and local language news source Tempo.co report that on Saturday, January 13, a senior member from BI, Causa Iman Karana, announced the clampdown in Dempasar, the capital of the romantic island getaway location:

“We are looking out for bitcoin transactions in Bali, particularly in tourist spots. We will take measures against non-rupiah transactions.”

Karana also called on the people of Bali to not accept transactions using digital money. For the banker, it is the lack of central authority regulating transactions that is a primary cause for concern. Like most central bankers, the fear of their own pending redundancy was also a likely motivating factor behind his words.

This recent  crackdown in Bali is part of a wider initiative against the use of cryptocurrency in the nation of Indonesia. According to national legislators, making transactions in Bitcoin violates Law No. 7/2011 on currency. This recent reiteration underlines the initiative penned at the bank late last year. In early December, Bank Indonesia issued BI Regulation No. PBI: 19/12/PBI/2017. This expressly banned the use of digital currency in Indonesia and stated that all transactions and payments must be made using the national currency, the rupiah. A spokesperson for the bank, Agusman, at the time spoke of the risks posed to those getting involved in the digital currency space. Like Karana, he too deemed the primary issue with virtual money transactions the lack of centralised control:

“We warned people not to carry out transactions with virtual money because there is no authority that regulates the transactions.”

The bank spokesperson went on to highlight the speculative risk of using Bitcoin and other cryptocurrencies. Also amongst his concerns were the dangerous posed to the state because of money laundering, as well as the ease with which virtual currencies could be used to finance terrorism. Agusman concluded with a straight forward message for the people of his country:

Therefore, [BI] wants all parties not to sell, buy or trade the virtual currency.

Indonesia isn’t the first and it certainly won’t be the last country who attempts to stamp out the use of virtual currencies by force. Across the globe, Bolivia, Algeria, Ecuador, and Nepal are amongst those nations that have issued an outright ban on the use and trading of digital currencies. However, such small economies are incapable of moving the price of BTC or any other currency in any dramatic fashion. If the global popularity of crypto continues to grow, it’s likely that these States will be forced to liberalise their knee-jerk legislation or else get left further behind the planet’s larger economies.

 

Key Points

  • Bitcoin gold price started a downside correction from the $369 high against the US Dollar.
  • There is a major bullish trend line forming with support at $265 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair is currently placed nicely in the bullish zone above $260 and the 100 hourly simple moving average.

Bitcoin gold price is placed well above the $250 level against the US Dollar. BTG/USD remains well supported and it could move higher in the near term.

Bitcoin Gold Price Support

There was a decent rise in bitcoin gold price above the $300 level recently against the US Dollar. The price traded as high as $369 before starting a downside correction. It declined and moved below the $320 and $300 support levels. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $200.21 low to $369.48 high.

However, there are many supports on the downside above the $250 level. An initial support is around the 61.8% Fib retracement level of the last wave from the $200.21 low to $369.48 high at $264. There is also a major bullish trend line forming with support at $265 on the hourly chart of BTG/USD. The pair remains well supported above the $250-260 levels. More importantly, the 100 hourly simple moving average is at $256. Therefore, there is a clear major support forming above $250.

Bitcoin Gold Price Technical Analysis BTG USD

As long as the pair is above the mentioned $250 level, it remains in an uptrend. On the upside, there is a decent resistance forming at $300. A break of the stated $300 resistance may push the price back in the bullish zone for more gains.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently below the 50 level.

Major Support Level – $250

Major Resistance Level – $300

 

Charts courtesy – Trading View, Bitfinex

Key Points

  • Bitcoin cash price is slowly gaining upside momentum and is currently above $2500 against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $2525 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair is currently attempting a close above $2550 and the 100 hourly simple moving average.

Bitcoin cash price is showing positive signs above $2500 against the US Dollar. BCH/USD may gain momentum and head higher toward the $2700 level.

Bitcoin Cash Price Uptrend

There was a nice recovery from the $2000 swing low in bitcoin cash price against the US Dollar. The price started an upside move and was able to trade above the 50% Fib retracement level of the last decline from the $2946 high to $2000 low. However, the upside move failed near the $2850 level. There was a failure to close above the 76.4% Fib retracement level of the last decline from the $2946 high to $2000 low.

There was a slow and steady downside initiated and the price moved below $2600. The downside move was protected by the $2500 support. At the moment, the price is moving higher and gaining pace above $2500. There was a break above a connecting bearish trend line with resistance at $2525 on the hourly chart of BCH/USD. The pair is currently attempting a close above $2550 and the 100 hourly simple moving average. Once there is a proper close above the $2550 and $2600 levels, there could be more gains.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the $2500 level is a decent support. The next major support is around the $2450-2475 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just below the 50 level.

Major Support Level – $2450

Major Resistance Level – $2550

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin gold price after trading in a range for a long time broke the $300 level against the US Dollar.
  • There was a break above a major horizontal resistance at $290 on the 4-hours chart of BTG/USD (data feed from Bitfinex).
  • The pair traded as high as $368 and is currently correcting lower towards the $320 level.

Bitcoin gold price has moved sharply above $300 against the US Dollar. BTG/USD is now in the bullish zone above $320 and is poised for more gains.

Bitcoin Gold Price Trend

There was a decent support base formed around $200 in bitcoin gold price against the US Dollar. The price traded in a range for a long time above the $200 level and it later started an upside move. It gained momentum and was able to move above the $250 and $260 resistance levels. The upside move was strong and the price succeeded in moving above the $300 level.

More importantly, there was a break above a major horizontal resistance at $290 on the 4-hours chart of BTG/USD. The pair traded above the $350 level and closed above the 100 simple moving average (4-hour). It traded as high as $368 and is currently correcting lower. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $198 low to $368 high at $328. However, the most important support is around the $290 and $300 levels. The 38.2% Fib retracement level of the last wave from the $198 low to $368 high is also at $303 to act as a support.

Bitcoin Gold Price Weekly Analysis BTG USD

Therefore, the $300 level is now a major support and buy zone in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is strongly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is gaining momentum above the 65 level.

Major Support Level – $300

Major Resistance Level – $350

 

Charts courtesy – Trading View, Bitfinex