Key Points
- Bitcoin gold price after trading above $450 against the US Dollar corrected lower.
- There is a connecting bearish trend line forming with resistance at $300 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The price is correcting higher from $180, but it is facing a major hurdle on the upside.
Bitcoin gold price declined sharply from $480 against the US Dollar. BTG/USD is recovering, but might struggle to break the $300 level.
Bitcoin Gold Price Resistance
During the past few sessions, there was a lot of action in bitcoin gold price (just like bitcoin cash) as it moved above the $400 level against the US Dollar. The price climbed higher and formed a new all-time high near $480. Later, it faced a lot of offers and started a downside move below $400. It broke the 50% Fib retracement level of the last wave from the $120 low to $480 high. The recent low was at $183 from where the price started a new upside wave.
It has moved above the $250 level and the 100 hourly simple moving average. Buyers also succeeded in breaking the 23.6% Fib retracement level of the last drop from the $480 high to $183 low. On the upside, there is a connecting bearish trend line forming with resistance at $300 on the hourly chart of BTG/USD. The trend line resistance is near the 38.2% Fib retracement level of the last drop from the $480 high to $183 low. Therefore, the $300 level is an important resistance for more gains in BTG.
On the downside, the $250 level and the 100 hourly SMA are decent supports and buy zones in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is attempting to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is now back above the 50 level.
Major Support Level – $250
Major Resistance Level – $300
Charts courtesy – Trading View, Bitfinex
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