Key Points
- Bitcoin gold price failed above $305 and started a downside move against the US Dollar.
- This is a crucial bearish trend line forming with resistance near $285 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The price might extend its decline and will most likely test the $250-260 support zone in the near term.
Bitcoin gold price is under pressure below $305 against the US Dollar. BTG/USD might decline further towards the next important support at $250.
Bitcoin Gold Price Resistance
After a decent upside move above the $320 level, bitcoin gold price faced sellers against the US Dollar. The price started a downside move and traded below a couple of important support levels such as $300 and $280. The decline was such that there was an hourly close below the $300 handle and the 100 simple moving average. A low was formed at $268.87 recently and the price is currently consolidating in a range.
On the upside, an initial resistance is around the 23.6% Fib retracement level of the last drop from the $339 high to $268 low. More importantly, there is a crucial bearish trend line forming with resistance near $285 on the hourly chart of BTG/USD. The trend line is positioned just below the 38.2% Fib retracement level of the last drop from the $339 high to $268 low. Moreover, the 100 hourly SMA is at $300 to act as a major barrier for buyers.
Therefore, it seems like the $285-300 levels are important resistances in the near term. On the downside, the price might test the last swing low of $250-260. The mentioned $250-260 area is significant support and must prevent further declines in bitcoin gold price.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is near the oversold levels.
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.