- Bitcoin gold price is currently under a correction and is holding the $260 support against the US Dollar.
- There is a major bullish trend line forming with support at $265 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair must stay above the $260 and $265 support levels to bounce back in the near term.
Bitcoin gold price is currently correcting lower against the US Dollar. BTG/USD must hold $260 and the 100 hourly SMA to trade back above $300.
Bitcoin Gold Price Trend
There was a minor correction wave initiated from the $347 swing high against the US Dollar. The price declined below the $320 and $300 support levels and traded close to the $250 level. There was also a push below the 50% Fib retracement level of the last wave from the $241 low to $347 high. However, the 100 hourly simple moving average, currently at $270 protected declines.
More importantly, there is a major bullish trend line forming with support at $265 on the hourly chart of BTG/USD. The trend line support is just above the 100 hourly simple moving average, which is currently at $270. Moreover, the 76.4% Fib retracement level of the last wave from the $241 low to $347 high is near $265. Therefore, a break below the $260-270 support zone won’t be easy.
As long as the price is above the $260 support, it could bounce back and move above the $300 level. Above $300, the next target for buyers could be around the last swing high of $347. On the flip side, a break below the $260 support will most likely set the tone for a test of $200.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is currently reducing its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is now well below the 50 level.
Major Support Level – $260
Major Resistance Level – $300
Charts courtesy – Trading View, Bitfinex