Analysis

Bitcoin Gold Price Technical Analysis – BTG/USD Holding 100 SMA

Aayush Jindal | December 13, 2017 | 9:00 am
Bitcoin Gold Price Technical Analysis BTG USD
Analysis

Bitcoin Gold Price Technical Analysis – BTG/USD Holding 100 SMA

Aayush Jindal | December 13, 2017 | 9:00 am

Key Points

  • Bitcoin gold price is trading with a nice bullish tone above the $240 support against the US Dollar.
  • There is a crucial ascending channel forming with support at $230 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The price is currently holding the $240 support and placed nicely above the 100 hourly simple moving average.

Bitcoin gold price is slowly moving higher towards $300 against the US Dollar. BTG/USD is holding the $240 support and is eyeing more gains.

Bitcoin Gold Price Support

There was a break above the $280 resistance in bitcoin gold price against the US Dollar. The price traded as high as $295.58 before it started a downside correction. It moved below the 38.2% Fib retracement level of the last wave from the $190 low to $295 high. However, the downside move was protected by the $240 support and the 100 hourly simple moving average.

Moreover, there is a crucial ascending channel forming with support at was a break above a major bearish trend line at $230 on the hourly chart of BTG/USD. The channel support and the 100 hourly SMA acted as a major buy zone above $240. Lastly, the pair found bids near the 50% Fib retracement level of the last wave from the $190 low to $295 high. Therefore, it seems like the $240 support rejection was important and the price is now set for an upside move.

Bitcoin Gold Price Technical Analysis BTG USD

The price might head higher towards the $280 resistance. Once there is a break above the $280 level, the price can retest the $295 high. Above the mentioned $295, the price will most likely move above the $300 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is currently slightly in the bearish zone.

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

Major Support Level – $240

Major Resistance Level – $300

 

Charts courtesy – Trading View, Bitfinex

Tags: , , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!