Bitcoin Gold Price Technical Analysis – BTG/USD Preparing for Next Break

Key Points

  • Bitcoin gold price has recovered well from the $205 support zone against the US Dollar.
  • There is a contracting triangle forming with current resistance at $255 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair might make the next move soon either above $255 or below $235 in the near term.

Bitcoin gold price is moving nicely above $200 against the US Dollar. BTG/USD is now preparing for the next break with resistance at $255.

Bitcoin Gold Price Resistance

Recently, we saw a declining pattern in bitcoin gold price from the $300 swing high against the US Dollar. The price traded below the $280 and $250 support levels and moved closer to the $200 handle. A low was formed at $207 from where the price started an upside recovery. It has moved above the 50% Fib retracement level of the last decline from the $275 high to $207 low.

However, the price is struggling to move above the $260 resistance level. Moreover, the 61.8% Fib retracement level of the last decline from the $275 high to $207 low also prevented gains. It seems like there is a contracting triangle forming with current resistance at $255 on the hourly chart of BTG/USD. The triangle resistance at $255-260 is a major hurdle for buyers. On the positive side, the price is currently above $240 and the 100 hourly simple moving average.

Bitcoin Gold Price Technical Analysis BTG USD

On the downside, there is a connecting trend line with support at $240. Therefore, it seems like the pair is approaching a breakout either above $255 or below $235. Above $255-260, the price could trade higher towards the $300 level. On the other hand, below $235, the price could retest $200.

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 70 level.

Major Support Level – $235

Major Resistance Level – $260

 

Charts courtesy – Trading View, Bitfinex


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Key Highlights

  • Ripple price corrected lower recently and it tested the $1.50 support area against the US Dollar.
  • There is a major bullish trend line forming with support at $1.8000 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might resume its upside soon once it succeeds in breaking the $2.00 resistance area.

Ripple price is currently correcting lower against the US Dollar and Bitcoin. XRP/USD remains well supported on the downside near $1.80 and $1.70.

Ripple Price Support

After a solid upside move, Ripple price faced a strong resistance at $2.45 against the US Dollar. The price started a downside correction and moved below the $2.00 and $1.80 support levels. It traded close to the $1.50 level and formed a low as $1.5962. Later, it found bids and started an upside move above $1.60. XRP succeeded in moving above the 23.6% Fib retracement level of the last decline from the $1.2480 high to $1.5962 low.

The last downside move was protected by a major support at $1.60 and the 100 hourly simple moving average. Moreover, a major bullish trend line with support at $1.8000 on the hourly chart of the XRP/USD pair also acted as a barrier for sellers. The pair is now above the $1.80 level, but it struggled to break the $2.00 level. Moreover, the 50% Fib retracement level of the last decline from the $1.2480 high to $1.5962 low is also acting as a resistance. Once the price breaks $2.00 and settles above the stated level, there can be more gains in the near term.

Ripple Price Technical Analysis XRP USD

On the downside, the $1.8000 support area is very important. Furthermore, the $1.7000 level and the 100 hourly SMA are also decent buy zones.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower towards the 50 level.

Major Support Level – $1.8000

Major Resistance Level – $2.0000

 

Charts courtesy – Trading View, Kraken

Key Highlights

  • ETH price is moving nicely above the $700 support and the 100 hourly simple moving average.
  • There is a new connecting bearish trend line forming with resistance at $738 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is also forming a major horizontal support above the $665 level.

Ethereum price is struggling to move higher against the US Dollar and Bitcoin. ETH/USD needs to break $738-740 to gain upside momentum.

Ethereum Price Resistance

There was a nice upside move in ETH price on a couple of occasions against the US Dollar. The price traded towards the $740 and $750 levels, but failed to gain momentum above the mentioned levels. Recently, it traded as high as $740.99 and is currently moving lower. A new connecting bearish trend line with resistance at $738 on the hourly chart of ETH/USD prevented gains.

The pair is now below the 23.6% Fib retracement level of the last wave from the $664.48 low to $740.99 high. It seems like the pair might continue to decline in the near term toward $710-700. However, there is a major support around 710 and the 100 hourly simple moving average. The same $710 support is also around the 38.2% Fib retracement level of the last wave from the $664.48 low to $740.99 high.

Ethereum Price Technical Analysis ETH USD

If the pair fails to hold the $710 support and the 100 hourly SMA, then there are chances of it testing the $700 handle. Moreover, the 50% Fib retracement level of the last wave from the $664.48 low to $740.99 high is around $702. The most important support on the downside is around the $665, which held declines on many occasions.

Hourly MACD – The MACD is currently moving nicely in the bullish zone.

Hourly RSI – The RSI is currently moving lower toward the 50 level and it seems to be showing a few bearish signs.

Major Support Level – $710

Major Resistance Level – $738

 

Charts courtesy – SimpleFX

Key Points

  • Bitcoin cash price is preparing for the next move with support on the downside at $2300 against the US Dollar.
  • There is a crucial bearish trend line forming with current resistance at $2400 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair might soon make the next move either above $2400 or below $2300 in the near term.

Bitcoin cash price is consolidating above $2200-2300 against the US Dollar. BCH/USD may soon break higher above the $2400 resistance for more gains.

Bitcoin Cash Price Upside Hurdle

There was a downside reaction in bitcoin cash price from the $2880 swing high against the US Dollar. The price traded below the $2500 support area and moved toward $2100. A low was formed at $2145 from where the price started an upside correction. It moved above the 23.6% Fib retracement level of the last decline from the $2890 high to $2145 low. However, the price struggled to move above the $2500 resistance.

There is also a crucial bearish trend line forming with current resistance at $2400 on the hourly chart of BCH/USD. The pair seems to be struggling to move above the trend line resistance at $2400. Moreover, the 50% Fib retracement level of the last decline from the $2890 high to $2145 low also acted as a hurdle for buyers. Above, the 100 hourly simple moving average is positioned at $2400 and is acting as a hurdle. It won’t be easy for buyers to break the $2400 resistance. Once they succeed, the price could accelerate above the $2600 level in the near term.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, there is a bullish trend line with support at $2300 on the same chart. A close below $2300 could negate the possible upside move and push the price toward $2100.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 50 level.

Major Support Level – $2300

Major Resistance Level – $2400

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin price recovered recently, but it failed to move above the $16,400 resistance against the US Dollar.
  • There is a crucial bearish trend line forming with current resistance at $14,200 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair recently broke a connecting bullish trend line at $13,500 and made a downside move.

Bitcoin price is currently under pressure below $15,000 against the US Dollar. BTC/USD remains at a risk of more declines in the near term.

Bitcoin Price Decline

After a sharp downside move, bitcoin price recovered nicely above the $15,000 level against the US Dollar. The price even traded above the $16,000 level. However, buyers failed to move above the $16,500 level and the 100 simple moving average (4-hours). A downside move is initiated and the price has moved below the 23.6% Fib retracement level of the last wave from the $10,688 low to $16,384 high.

There is currently a lot of bearish pressure on bitcoin and the price is trading below $13,500. There was also a break below the 50% Fib retracement level of the last wave from the $10,688 low to $16,384 high. During the downside move, the price broke a connecting bullish trend line at $13,500 on the 4-hours chart. It has opened the doors for more declines below $13,000 in the near term.

Bitcoin Price Weekly Analysis BTC USD

On the upside, there is a crucial bearish trend line forming with current resistance at $14,200 on the 4-hours chart of BTC/USD. The pair might continue to decline and it could even break the 76.4% Fib retracement level of the last wave from the $10,688 low to $16,384 high. Any recoveries from the current levels toward $14,000 remains a short-term sell opportunity.

Looking at the technical indicators:           

4-hours MACD – The MACD is currently in the bearish slope.

4-hours RSI (Relative Strength Index) – The RSI is currently well below the 50 level.

Major Support Level – $12,000

Major Resistance Level – $14,000

 

Charts courtesy – SimpleFX

Key Highlights

  • ETH price is trading in a range below the $715 resistance area against the US Dollar.
  • There is a major contracting triangle forming with current support at $665 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair might soon make the next move and either break $715 or trade below $665.

Ethereum price is consolidating in a range against the US Dollar and Bitcoin. ETH/USD may soon attempt the next upside break above $715.

Ethereum Price Resistance

After a nasty decline below the $500 level, ETH price started an upside recovery against the US Dollar. The price formed a base above $475 and started correcting higher. It traded above the 50% Fib retracement level of the last major drop from the $865 high to $475 low. It traded with a positive bias and even managed to settle above the $600 level.

However, there was no proper daily close above the $700 level. The price also struggled to move above the 100 simple moving average and $740 on the 4-hours chart. On the positive side, the pair almost tested the 76.4% Fib retracement level of the last major drop from the $865 high to $475 low. Therefore, there are chances of ETH resuming its upside wave sooner or later above the $740 level. At the moment, it seems like there is a major contracting triangle forming with current support at $665 on the 4-hours chart of ETH/USD.

Ethereum Price Weekly Analysis ETH USDa

The pair might make the next move either above the $715 level or below the $665 support. A proper 4-hour close above $715 and 100 SMA could ignite a sharp upside move in ETH/USD. On the flip side, a break below the $665 support may call for declines toward $600 and $560.

4-hours MACD – The MACD is moving to and fro in the bullish zone.

4-hours RSI – The RSI is currently just below the 50 level with minor bearish signs.

Major Support Level – $665

Major Resistance Level – $715

 

Charts courtesy – SimpleFX