Key Points
- Bitcoin gold price is moving higher and is currently placed well above the $280 support against the US Dollar.
- This is a major bullish trend line forming with support near $280 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The price is likely to move further higher and trade towards the $350 level in the near term.
Bitcoin gold price is gaining pace above $280 against the US Dollar. BTG/USD might soon trade towards $350 or it could even break it.
Bitcoin Gold Price Support
There was a solid upside move in bitcoin gold price as it moved above the $250 resistance against the US Dollar. The price was also able to move above the $280 resistance, which opened the doors for more gains. It recently traded above $300 and formed a high at $319.32. Later, it started a downside correction and moved below the 23.6% Fib retracement level of the last wave from the $218 low to $319 high.
However, the downside move was prevented by a major bullish trend line with current support near $280 on the hourly chart of BTG/USD. Moreover, the 38.2% Fib retracement level of the last wave from the $218 low to $319 high also acted as a support. The pair is now moving back higher and looks set to break the $319 high. Above the mentioned $319, the price might target the $350 level.
The overall trend is positive for bitcoin gold and the price is likely to trade above $319 in the near term. On the downside, the $280 level is a major support and buy zone. Below $280, the $250 level is the next support.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is currently in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently moving higher towards the 70 level.
Major Support Level – $280
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.