Analysis

Bitcoin Gold Price Technical Analysis – BTG/USD Buy on Dips

Aayush Jindal | December 11, 2017 | 9:00 am
Bitcoin Gold Price Technical Analysis BTG USD
Analysis

Bitcoin Gold Price Technical Analysis – BTG/USD Buy on Dips

Aayush Jindal | December 11, 2017 | 9:00 am

Key Points

  • Bitcoin gold price made a nice upside move from the $190 swing low against the US Dollar.
  • There was a break above a major bearish trend line at $230 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The price is now placed well above the $230 support and the 100 hourly simple moving average.

Bitcoin gold price moved above the $230 resistance against the US Dollar. BTG/USD is now a good buy on dips toward the $230-210 levels.

Bitcoin Gold Price Support

This past week, we saw a downside reaction in bitcoin gold price below the $200 support against the US Dollar. The price moved down and traded as low as $190 where buyers appeared. They were successful in defending more losses in BTG and as a result, the price moved back above $200. The upside move was such that the price was able to break the $230 resistance and the 100 hourly simple moving average. This means that the price moved back in the bullish zone with a close above $210-230.

A high was formed at $277.67 from where the price started a downside correction. It moved below the 23.6% Fib retracement level of the last wave from the $190 low to $277 high. However, the downside move is finding support around $250 level. The most important support is near $230 and the 100 hourly simple moving average. The mentioned level was a resistance earlier and now it could stop declines below $230. The same level is also the 50% Fib retracement level of the last wave from the $190 low to $277 high.

Bitcoin Gold Price Technical Analysis BTG USD

Therefore, any dips from the current levels toward $230 remain supported. On the upside, buyers could target the $300 handle in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is placed well around the 60 level.

Major Support Level – $230

Major Resistance Level – $270

 

Charts courtesy – Trading View, Bitfinex

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