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

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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