Key Points
- Bitcoin gold price is holding the $210-220 support area and is currently recovering against the US Dollar.
- There is a short-term ascending channel forming with resistance at $255 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair may slowly move higher, but a close above the $250-260 resistance won’t be easy.
Bitcoin gold price is slowly moving higher toward $250 against the US Dollar. BTG/USD must stay above the $210-220 support area to avoid a downside break.
Bitcoin Gold Price Resistance
There was a downside reaction in bitcoin gold price recently toward the $210 support area against the US Dollar. The price traded as low as $210.08 and later started an upside correction. It succeeded in moving back above the $220 level. Moreover, there was a break of the 50% Fib retracement level of the last decline from the $273 high to $210 low.
However, the upside move faced sellers near $260. There was no close above the $260 level and the price failed to gain pace. There was also a rejection from the 61.8% Fib retracement level of the last decline from the $273 high to $210 low. Sellers defended the 100 hourly simple moving average near $245 and as a result, there was no upside break. At the moment, it seems like there is a short-term ascending channel forming with resistance at $255 on the hourly chart of BTG/USD. The pair has to move higher above the $255 and $260 levels.
Should there be a close above $260, there can be further gains toward $300. Having said that, a break above the $260 level won’t be easy. On the downside, the pair has to stay above $220 to avoid further declines.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is attempting to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is just below the 50 level.
Major Support Level – $220
Major Resistance Level – $255
Charts courtesy – Trading View, Bitfinex
