Altcoins Analysis Technical

Bitcoin Gold Price Technical Analysis – BTG/USD Holding $220

Aayush Jindal | January 10, 2018 | 8:00 am
Bitcoin Gold Price Technical Analysis BTG USD
Altcoins

Bitcoin Gold Price Technical Analysis – BTG/USD Holding $220

Aayush Jindal | January 10, 2018 | 8:00 am

Key Points

  • Bitcoin gold price is holding the $210-220 support area and is currently recovering against the US Dollar.
  • There is a short-term ascending channel forming with resistance at $255 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair may slowly move higher, but a close above the $250-260 resistance won’t be easy.

Bitcoin gold price is slowly moving higher toward $250 against the US Dollar. BTG/USD must stay above the $210-220 support area to avoid a downside break.

Bitcoin Gold Price Resistance

There was a downside reaction in bitcoin gold price recently toward the $210 support area against the US Dollar. The price traded as low as $210.08 and later started an upside correction. It succeeded in moving back above the $220 level. Moreover, there was a break of the 50% Fib retracement level of the last decline from the $273 high to $210 low.

However, the upside move faced sellers near $260. There was no close above the $260 level and the price failed to gain pace. There was also a rejection from the 61.8% Fib retracement level of the last decline from the $273 high to $210 low. Sellers defended the 100 hourly simple moving average near $245 and as a result, there was no upside break. At the moment, it seems like there is a short-term ascending channel forming with resistance at $255 on the hourly chart of BTG/USD. The pair has to move higher above the $255 and $260 levels.

Bitcoin Gold Price Technical Analysis BTG USD

Should there be a close above $260, there can be further gains toward $300. Having said that, a break above the $260 level won’t be easy. On the downside, the pair has to stay above $220 to avoid further declines.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is attempting to move into the bullish zone.

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

Major Support Level – $220

Major Resistance Level – $255

 

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!

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.