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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.
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
