Key Points
- Bitcoin gold price after trading a few points above the $400 level found sellers against the US Dollar.
- There was a break below a key bullish trend line with support at $328 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair traded as low as $244 and is currently correcting higher towards $300-320.
Bitcoin gold price declined sharply from $420 against the US Dollar. BTG/USD is now well below $320 and is showing a lot of bearish signs.
Bitcoin Gold Price Resistance
There was a solid upside move in bitcoin gold price above the $350 level against the US Dollar. The price even traded above the $400 level and posted a high at $421. Later a downside wave was initiated and the price moved below the $400 level. It moved below the 50% Fib retracement level of the last wave from the $290 low to $421 high. It opened the doors for more losses and the price moved below $300.
More importantly, there was a break below a key bullish trend line with support at $328 on the hourly chart of BTG/USD. The pair even traded below the $280 support and closed below the 100 hourly simple moving average. A low was formed at $244.58 from where the pair started an upside correction. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $421 high to $244.58 low. If the pair corrects higher from the current levels, it will most likely face sellers near $300-320.
On the downside, the last swing low of $244 is a decent support. Below the mentioned $244 support, there can be a test of the $200 level in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is now placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is around the oversold levels, and recovering.
Major Support Level – $245
Major Resistance Level – $320
Charts courtesy – Trading View, Bitfinex
