Bitcoin Gold Price Technical Analysis – Can BTG/USD Hold $150?

Bitcoin Gold Price Technical Analysis BTG USD

Key Points

  • Bitcoin gold price declined further and it failed to stay above the $200 level against the US Dollar.
  • There is a short-term connecting bearish trend line forming with resistance at $185 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair is currently holding $150, but it is struggling to stay above the mentioned support.

Bitcoin gold price broke a major support area at $150 against the US Dollar. BTG/USD could correct higher, but upsides remain capped by the $200 level in the near term.

Bitcoin Gold Price Resistance

There was no major recovery above $220 in bitcoin gold price against the US Dollar. The price faced a lot of selling pressure and it declined below the $200 support as well. The decline was such that the $180 support was also pierced. It traded as low as $150.88 and later it started an upside correction. It tested the 23.6% Fib retracement level of the last drop from the $338 high to $150 low.

However, there are many resistances on the upside around $200. There is also a short-term connecting bearish trend line forming with resistance at $185 on the hourly chart of BTG/USD. Above the trend line resistance, the $200 level is a major resistance. It was a support earlier and now it may stop gains above $200-210. Should there be a close above $200, the price could test the 50% Fib retracement level of the last drop from the $338 high to $150 low.

Bitcoin Gold Price Technical Analysis BTG USD

Overall, there is a lot of pressure on BTG and it could face a lot of offers near $200. If it fails to break $200, there is a chance of it breaking $150 as well.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is showing bearish signs in the negative zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is slightly moving higher towards the 40 level.

Major Support Level – $150

Major Resistance Level – $200

 

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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