Bitcoin Gold Price Technical Analysis – BTG/USD Struggling Below $230

Bitcoin Gold Price Technical Analysis BTG USD

Key Points

  • Bitcoin gold price declined recently and it traded as low as $199.83 against the US Dollar.
  • There is a major bearish trend line forming with resistance at $228 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair is now in the bearish zone below $230 and the 100 hourly simple moving average.

Bitcoin gold price declined towards $200 against the US Dollar. BTG/USD is currently showing a lot of negative signs and is below the $230 resistance.

Bitcoin Gold Price Upside Hurdle

There were continuing declines in bitcoin gold price below the $240 support against the US Dollar. The price extended its recent decline and moved below the $220 and $210 support levels. It even attempted a break below the $200 level and formed a low at $199.83. Later, it managed to recover slightly and it moved back above the $200 level. It also succeeded in breaking the 23.6% Fib retracement level of the last drop from the $246 high to $199 low.

However, there are many hurdles on the upside such as the $220 level. It is the 50% Fib retracement level of the last drop from the $246 high to $199 low. Above the $220-222 level, the next major resistance is around the $230 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance at $228 on the hourly chart of BTG/USD. Therefore, it seems like there is a key resistance area forming near $220-230 levels.

Bitcoin Gold Price Technical Analysis BTG USD

If the pair corrects higher from the current levels, it may face sellers near $220-230. On the downside, a break and close below $200 could escalate bearish pressure in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is slightly placed in the bullish zone.

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

Major Support Level – $200

Major Resistance Level – $230

 

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.

  • Rudy boy

    “There is a major bearish trend line forming”

    “The pair is now in the bearish zone below $230 and the 100 ”

    “However, there are many hurdles on the upside such as the $220 level. ”

    “escalate bearish pressure in the short term.”

    Damn man and you are the “Senior Forex”. Stop spreading fake news

    • Lol he deleted my comment about how we’re literally trading above 300 a day after all the TA tea leaf nonsense. Hope no one was short based on this article!

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