Key Points
- Bitcoin gold price recently gained momentum and moved above the $200 handle against the US Dollar.
- This is a short-term contracting triangle forming with support near $240 on the hourly chart of BTG/USD (data feed from Bitfinex).
- There can be a downside break, but the price remains supported above $230-220.
Bitcoin gold price is currently in a nice uptrend against the US Dollar. BTG/USD might retest $220 but remains positioned for more gains in the near term.
Bitcoin Gold Price Resistance
After forming a low near $150, bitcoin gold price traded sharply higher against the US Dollar. The price was able to move above the $200 handle and is currently trading well above the 100 hourly simple moving average. It traded as high as $260 recently from where a minor correction wave was initiated. The pair is currently just below the 23.6% Fib retracement level of the last wave from the $204.00 low to $259.84 high.
It seems like there is a short-term contracting triangle forming with support near $240 on the hourly chart of BTG/USD. The pair might decline a few more points toward $230 or even $220 in the short term. However, the 50% Fib retracement level of the last wave from the $204.00 low to $259.84 high is likely to act as a support and prevent declines. Only a close below $220 would call for a retest of $200 in the near term.
On the upside, the triangle resistance is near $259. A break above the $259 and $260 levels are needed for a push towards $280. Above the mentioned $280, the price could even test the $300 handle.
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 currently moving lower toward the 55 level.
Major Support Level – $230
Major Resistance Level – $260
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.