Key Points

  • Bitcoin gold price after trading as high as $347 started a downside correction against the US Dollar.
  • There are two important bullish trend lines forming with support near $280 on the 4-hours chart of BTG/USD (data feed from Bitfinex).
  • The pair might hold the $280-260 support area and could rise soon above $310.

Bitcoin gold price is holding the $260 support against the US Dollar. BTG/USD may soon gain traction and move above $300-310 in the near term.

Bitcoin Gold Price Forecast

There was a decent rise in bitcoin gold price above $300 this past week against the US Dollar. The price was able to move above the $320 and $340 levels. A new high was formed at $347.46 from where the price started a downside correction. It moved below the 23.6% Fib retracement level of the last wave from the $190 low to $347 high. However, there are many supports on the downside such as $260 and the 100 simple moving average (4-hours).

There are also two important bullish trend lines forming with support near $280 on the 4-hours chart of BTG/USD. These trend lines are holding the current downside move and preventing losses below $260. The pair recently tested the 50% Fib retracement level of the last wave from the $190 low to $347 high. It seems like the pair is above a major support area at $260-280. As long as the pair is above the stated support zone, it could move higher above the $310 level in the near term.

Bitcoin Gold Price Weekly Analysis BTG USD

Above the mentioned $310, there can be more gains above $340. There are even chances of it breaking the $350 level. On the flip side, a break below $260 could accelerate downsides toward $200 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is currently in the bullish zone.

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

Major Support Level – $260

Major Resistance Level – $310

 

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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