Bitcoin Gold Price Technical Analysis – Can BTG/USD Stay Above $250?

Key Points

  • 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.

Bitcoin Gold Price Technical Analysis BTG USD

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

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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