- Bitcoin gold price is gaining momentum and it recently traded above $380 against the US Dollar.
- There was a break above a major connecting resistance trend line at $355 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair might continue to move higher above the $400 level in the near term.
Bitcoin gold price is gaining traction above $380 against the US Dollar. BTG/USD may soon accelerate gains above the $400 level going forward.
Bitcoin Gold Price Trend
It was a good period for bitcoin gold price as it moved above the $325 and $360 resistance levels against the US Dollar. The upside move was strong and the price almost tested the $400 level. A high was formed at $399.92 and it seems like the current upside move is far from over. During the upside move, there was a break above a major connecting resistance trend line at $355 on the hourly chart of BTG/USD.
The pair is now poised to break the $400 level and gain further. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $290 low to $399 high. However, the most important support is near $360 and $355. The mentioned $355 level was a resistance earlier, and now it is likely to act as a support. Moreover, the 38.2% Fib retracement level of the last wave from the $290 low to $399 high is also around $358 to act as a decent support.
On the upside, a break above the $400 level is very likely. Above $400, the next target could be the $425 level 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 heading towards the overbought levels.
Major Support Level – $355
Major Resistance Level – $400
Charts courtesy – Trading View, Bitfinex