Bitcoin Gold Price Technical Analysis – BTG/USD Upsides Remain Capped

Bitcoin Gold Price Technical Analysis BTG USD

Key Points

  • Bitcoin gold price struggled to break the $240 resistance and moved down against the US Dollar.
  • There was a break below a short-term bullish trend line with support at $225 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair tested the $190-200 support and is currently moving back towards $230-240.

Bitcoin gold price is mostly trading in a range below $240 against the US Dollar. BTG/USD needs to break the $240 resistance to gain traction toward $280 and $300.

Bitcoin Gold Price Range

There were a few upside swing moves in above $200 in bitcoin gold price against the US Dollar. The price tested the $240 resistance and failed to gain momentum. There were two attempts to trade past $240, but buyers failed to push the price above $240-250. As a result, there was a downside reaction below $230. It broke the 23.6% Fib retracement level of the last wave from the $145.01 low to $241.20 high.

More importantly, there was a break below a short-term bullish trend line with support at $225 on the hourly chart of BTG/USD. The pair even broke the $200 support once and the 100 hourly simple moving average. However, the $190 support prevented declines along with the 50% Fib retracement level of the last wave from the $145.01 low to $241.20 high. BCH is currently moving higher and is trading above the $200 level and the 100 hourly SMA.

Bitcoin Gold Price Technical Analysis BTG USD

It could continue to move higher toward the $230 and $240 resistance levels. However, it needs to gain momentum above $240 to drift towards the $280 and $300 levels. On the downside, the $200 level is a short-term support followed by the $190 low.

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 currently well above the 50 level.

Major Support Level – $190

Major Resistance Level – $240

 

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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