Key Points

  • Bitcoin gold price declined recently and moved below the $300.00 support against the US Dollar.
  • This is a major bearish trend line forming with resistance at $290 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The price might continue to struggle to break the $290 and $300 resistance levels in the near term.

Bitcoin gold price is in a bearish trend below $320 against the US Dollar. BTG/USD is holding $250, but remains at a risk of more declines.

Bitcoin Gold Price Barrier

There was no respite for bitcoin gold price as it remained below the $350 pivot against the US Dollar. The price made a downside move and traded below the $320 and $300 support levels. The decline was strong and the price even tested the $250 support area. A low was formed at $252.44 from where a correction was initiated. It moved above the 23.6% Fib retracement level of the last decline from the $346 high to $252 low.

However, the upside move was limited by the $300 resistance. Buyers failed to push the price above $300 and $310 resistance levels. The 50% Fib retracement level of the last decline from the $346 high to $252 low also acted as a major hurdle. Moreover, a major bearish trend line with current resistance at $290 on the hourly chart of BTG/USD also prevented upsides. It seems like the pair is facing a lot of hurdles on the upside near $300 and $320.

Bitcoin Gold Price Technical Analysis BTG USD

As long as the price is below $300 and $320, it might continue to move down. On the downside, the $250 support is very important followed by the $220 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is about to move back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is still below the 50 level.

Major Support Level – $250

Major Resistance Level – $300


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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