- Bitcoin gold price formed a low at $143.92 and started a recovery against the US Dollar.
- There is a key bearish trend line forming with resistance at $240 on the 4-hours chart of BTG/USD (data feed from Bitfinex).
- The pair has to break the $240 resistance and the 100 simple moving average (4-hours) to gain momentum.
Bitcoin gold price is recovering above the $200 level against the US Dollar. BTG/USD now has to clear strong sell offers near the $240 and $250 resistance levels.
Bitcoin Gold Price Resistance
After a strong decline, bitcoin gold price found buyers below the $150 level against the US Dollar. The price traded as low as $143.92 before started an upside correction. It recovered well and traded above the $180 and $190 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $338 high to $143 low.
More importantly, the price was successful in moving above the $200 resistance. However, the price is facing a major hurdle near the $240 level. There is a key bearish trend line forming with resistance at $240 on the 4-hours chart of BTG/USD. The trend line resistance at $240 is near the 100 simple moving average (4-hours). Furthermore, the 50% Fib retracement level of the last decline from the $338 high to $143 low is at $241 to act as a barrier for buyers.
Therefore, clearly the $240 level and the 100 simple moving average (4-hours) are major resistances. A break above the $240-250 zone is needed for buyers to gain traction. On the downside, an initial support is at $200. Below the mentioned $200, there could an increase in selling pressure toward $180.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is struggling to gain pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is moving lower and is currently below the 50 level.
Major Support Level – $200
Major Resistance Level – $250
Charts courtesy – Trading View, Bitfinex