Key Points
- Bitcoin gold price declined further and it failed to stay above the $200 level against the US Dollar.
- There is a short-term connecting bearish trend line forming with resistance at $185 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair is currently holding $150, but it is struggling to stay above the mentioned support.
Bitcoin gold price broke a major support area at $150 against the US Dollar. BTG/USD could correct higher, but upsides remain capped by the $200 level in the near term.
Bitcoin Gold Price Resistance
There was no major recovery above $220 in bitcoin gold price against the US Dollar. The price faced a lot of selling pressure and it declined below the $200 support as well. The decline was such that the $180 support was also pierced. It traded as low as $150.88 and later it started an upside correction. It tested the 23.6% Fib retracement level of the last drop from the $338 high to $150 low.
However, there are many resistances on the upside around $200. There is also a short-term connecting bearish trend line forming with resistance at $185 on the hourly chart of BTG/USD. Above the trend line resistance, the $200 level is a major resistance. It was a support earlier and now it may stop gains above $200-210. Should there be a close above $200, the price could test the 50% Fib retracement level of the last drop from the $338 high to $150 low.
Overall, there is a lot of pressure on BTG and it could face a lot of offers near $200. If it fails to break $200, there is a chance of it breaking $150 as well.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is showing bearish signs in the negative zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is slightly moving higher towards the 40 level.
Major Support Level – $150
Major Resistance Level – $200
Charts courtesy – Trading View, Bitfinex
