Key Points
- Bitcoin gold price traded lower recently and declined below the $350 level against the US Dollar.
- This is a crucial bearish trend line forming with resistance at $300 on the 4-hours chart of BTG/USD (data feed from Bitfinex).
- On the downside, there is a key support area forming near $250-260 on the same chart.
Bitcoin gold price is slowly moving lower toward $250 against the US Dollar. BTG/USD has to stay above $250 to avoid any further declines.
Bitcoin Gold Price Resistance
This past week, there was mostly a declining pattern for bitcoin gold price from the $419 swing high against the US Dollar. Earlier, we saw how the price started a decent upside wave and traded above the $400 level. It traded as high as $419 and later started a downside move. During the decline, it traded below the $400 and $350 support levels. It even declined below the $300 handle and traded towards the $250 support.
The price moved below the 50% Fib retracement level of the last wave from the $150 low to $419 high. The decline was protected by the $250 support and the 100 simple moving average (4-hours). Moreover, the 61.8% Fib retracement level of the last wave from the $150 low to $419 high acted as a support. A recovery is underway and the price is just above the 23.6% Fib retracement level of the last decline from the $416 high to $252 low. On the upside, there is a crucial bearish trend line forming with resistance at $300 on the 4-hours chart of BTG/USD.
A break above the trend line resistance and $300 is needed for buyers to take control. On the downside, the $250 support holds a lot of importance.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is trying to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is well below the 50 level.
Major Support Level – $250
Major Resistance Level – $300
Charts courtesy – Trading View, Bitfinex
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