Bitcoin Gold Price Technical Analysis – BTG/USD to Surge above $400?

Key Points

  • Bitcoin gold price is gaining momentum and it recently traded above $380 against the US Dollar.
  • There was a break above a major connecting resistance trend line at $355 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair might continue to move higher above the $400 level in the near term.

Bitcoin gold price is gaining traction above $380 against the US Dollar. BTG/USD may soon accelerate gains above the $400 level going forward.

Bitcoin Gold Price Trend

It was a good period for bitcoin gold price as it moved above the $325 and $360 resistance levels against the US Dollar. The upside move was strong and the price almost tested the $400 level. A high was formed at $399.92 and it seems like the current upside move is far from over. During the upside move, there was a break above a major connecting resistance trend line at $355 on the hourly chart of BTG/USD.

The pair is now poised to break the $400 level and gain further. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $290 low to $399 high. However, the most important support is near $360 and $355. The mentioned $355 level was a resistance earlier, and now it is likely to act as a support. Moreover, the 38.2% Fib retracement level of the last wave from the $290 low to $399 high is also around $358 to act as a decent support.

Bitcoin Gold Price Technical Analysis BTG USD

On the upside, a break above the $400 level is very likely. Above $400, the next target could be the $425 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is heading towards the overbought levels.

Major Support Level – $355

Major Resistance Level – $400

 

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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