Bitcoin Gold Price Technical Analysis – BTG/USD Approaching Key Support

Key Points
  • Bitcoin gold price is slowly recovering and is currently trading above the $200 level against the US Dollar.
  • There is a key bearish trend line forming with resistance at $250 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair may continue to move higher, but it could face sellers near the $240 and $250 resistances.

Bitcoin gold price is recovering from the $140 support zone against the US Dollar. BTG/USD might recovery further and it could test the $240-260 resistance zone.

Bitcoin Gold Price Resistance

After trading as low as $143, bitcoin gold price started a recovery against the US Dollar. The price moved higher and broke the $200 resistance level to set the pace for more gains. It also cleared the 23.6% Fib retracement level of the last decline from the $340 swing high to $143 low. The current price action is positive and there are chances of more gains above $220 in the near term.

At the moment, the price is testing a key resistance at $218-220 and the 100 hourly simple moving average. The $218 level is also the 38.2% Fib retracement level of the last decline from the $340 swing high to $143 low. Above the $220 level, there is a major bearish trend line forming with resistance at $250 on the hourly chart of BTG/USD. The trend line resistance around $250 is the most important barrier for buyers on the upside. An intermediate resistance is around the 50% Fib retracement level of the last decline from the $340 swing high to $143 low at $241.

 

Bitcoin Gold Price Technical Analysis BTG USD

 

The current momentum is positive, but it won’t be easy for BTG/USD to break the $240-250 resistance area.

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 60 level.

Major Support Level – $200

Major Resistance Level – $250

Charts courtesy – Trading View, Bitfinex

 

Source:newsbtc
Image:newsbtc
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