Key Points
- Bitcoin gold price started a downside correction from the $369 high against the US Dollar.
- There is a major bullish trend line forming with support at $265 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair is currently placed nicely in the bullish zone above $260 and the 100 hourly simple moving average.
Bitcoin gold price is placed well above the $250 level against the US Dollar. BTG/USD remains well supported and it could move higher in the near term.
Bitcoin Gold Price Support
There was a decent rise in bitcoin gold price above the $300 level recently against the US Dollar. The price traded as high as $369 before starting a downside correction. It declined and moved below the $320 and $300 support levels. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $200.21 low to $369.48 high.
However, there are many supports on the downside above the $250 level. An initial support is around the 61.8% Fib retracement level of the last wave from the $200.21 low to $369.48 high at $264. There is also a major bullish trend line forming with support at $265 on the hourly chart of BTG/USD. The pair remains well supported above the $250-260 levels. More importantly, the 100 hourly simple moving average is at $256. Therefore, there is a clear major support forming above $250.
As long as the pair is above the mentioned $250 level, it remains in an uptrend. On the upside, there is a decent resistance forming at $300. A break of the stated $300 resistance may push the price back in the bullish zone for more gains.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently below the 50 level.
Major Support Level – $250
Major Resistance Level – $300
Charts courtesy – Trading View, Bitfinex
