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

Bitcoin Gold Price Technical Analysis BTG USD

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

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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