Altcoins Analysis Technical

Bitcoin Gold Price Technical Analysis

Aayush Jindal | January 19, 2018 | 8:00 am
Bitcoin Gold Price Technical Analysis BTG USD
Altcoins

Bitcoin Gold Price Technical Analysis

Aayush Jindal | January 19, 2018 | 8:00 am

Key Points

  • Bitcoin gold price is slowly recovering and is currently trading above the $200 level against the US Dollar.
  • There is a key bearish trend line forming with resistance at $250 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair may continue to move higher, but it could face sellers near the $240 and $250 resistances.

Bitcoin gold price is recovering from the $140 support zone against the US Dollar. BTG/USD might recovery further and it could test the $240-260 resistance zone.

Bitcoin Gold Price Resistance

After trading as low as $143, bitcoin gold price started a recovery against the US Dollar. The price moved higher and broke the $200 resistance level to set the pace for more gains. It also cleared the 23.6% Fib retracement level of the last decline from the $340 swing high to $143 low. The current price action is positive and there are chances of more gains above $220 in the near term.

At the moment, the price is testing a key resistance at $218-220 and the 100 hourly simple moving average. The $218 level is also the 38.2% Fib retracement level of the last decline from the $340 swing high to $143 low. Above the $220 level, there is a major bearish trend line forming with resistance at $250 on the hourly chart of BTG/USD. The trend line resistance around $250 is the most important barrier for buyers on the upside. An intermediate resistance is around the 50% Fib retracement level of the last decline from the $340 swing high to $143 low at $241.

Bitcoin Gold Price Technical Analysis BTG USD

The current momentum is positive, but it won’t be easy for BTG/USD to break the $240-250 resistance area.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is moving higher towards the 60 level.

Major Support Level – $200

Major Resistance Level – $250

 

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.