Key Points
- Bitcoin gold price started a nice upside move from the $250-260 support area against the US Dollar.
- This is a major ascending channel forming with support at $300 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The price remains in an uptrend and it will most likely move above the $340 and $350 levels in the near term.
Bitcoin gold price is gaining pace above $300 against the US Dollar. BTG/USD might soon accelerate higher toward the $340 and $350 levels.
Bitcoin Gold Price Support
There was a bullish price action in bitcoin gold price above the $250 support against the US Dollar. The price consolidated above the $250 support for some before starting an upside move. It moved above the $300 resistance and settled above the 100 hourly simple moving average. It even traded above the $320 resistance and formed a high near $340 before starting a downside correction.
It recently tested the $285 support area and moved back above $300 and the 50% Fib retracement level of the last decline from the $340 high to $288 low. The current price action is positive above the $300 level and the 100 hourly SMA. It seems like there is a major ascending channel forming with support at $300 on the hourly chart of BTG/USD. The pair is following the channel nicely and it might soon attempt a break above the $340 and $350 levels.
On the upside, an intermediate resistance is around the 61.8% Fib retracement level of the last decline from the $340 high to $288 low. As long as the price is above the $300 support level, it remains in the bullish zone with target as $350.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD might soon move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is just above the 50 level.
Major Support Level – $300
Major Resistance Level – $320
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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