Key Points
- Bitcoin gold price failed above $305 and started a downside move against the US Dollar.
- This is a crucial bearish trend line forming with resistance near $285 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The price might extend its decline and will most likely test the $250-260 support zone in the near term.
Bitcoin gold price is under pressure below $305 against the US Dollar. BTG/USD might decline further towards the next important support at $250.
Bitcoin Gold Price Resistance
After a decent upside move above the $320 level, bitcoin gold price faced sellers against the US Dollar. The price started a downside move and traded below a couple of important support levels such as $300 and $280. The decline was such that there was an hourly close below the $300 handle and the 100 simple moving average. A low was formed at $268.87 recently and the price is currently consolidating in a range.
On the upside, an initial resistance is around the 23.6% Fib retracement level of the last drop from the $339 high to $268 low. More importantly, there is a crucial bearish trend line forming with resistance near $285 on the hourly chart of BTG/USD. The trend line is positioned just below the 38.2% Fib retracement level of the last drop from the $339 high to $268 low. Moreover, the 100 hourly SMA is at $300 to act as a major barrier for buyers.
Therefore, it seems like the $285-300 levels are important resistances in the near term. On the downside, the price might test the last swing low of $250-260. The mentioned $250-260 area is significant support and must prevent further declines in bitcoin gold price.
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 near the oversold levels.
Major Support Level – $260
Major Resistance Level – $300
Charts courtesy – Trading View, Bitfinex
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