Key Points
- Bitcoin gold price recently gained momentum and moved above the $200 handle against the US Dollar.
- This is a short-term contracting triangle forming with support near $240 on the hourly chart of BTG/USD (data feed from Bitfinex).
- There can be a downside break, but the price remains supported above $230-220.
Bitcoin gold price is currently in a nice uptrend against the US Dollar. BTG/USD might retest $220 but remains positioned for more gains in the near term.
Bitcoin Gold Price Resistance
After forming a low near $150, bitcoin gold price traded sharply higher against the US Dollar. The price was able to move above the $200 handle and is currently trading well above the 100 hourly simple moving average. It traded as high as $260 recently from where a minor correction wave was initiated. The pair is currently just below the 23.6% Fib retracement level of the last wave from the $204.00 low to $259.84 high.
It seems like there is a short-term contracting triangle forming with support near $240 on the hourly chart of BTG/USD. The pair might decline a few more points toward $230 or even $220 in the short term. However, the 50% Fib retracement level of the last wave from the $204.00 low to $259.84 high is likely to act as a support and prevent declines. Only a close below $220 would call for a retest of $200 in the near term.
On the upside, the triangle resistance is near $259. A break above the $259 and $260 levels are needed for a push towards $280. Above the mentioned $280, the price could even test the $300 handle.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently moving lower toward the 55 level.
Major Support Level – $230
Major Resistance Level – $260
Charts courtesy – Trading View, Bitfinex