05 Jan Bitcoin Gold Price Technical Analysis – BTG/USD Under Pressure
- Bitcoin gold price struggled to move above the $250-260 resistance and is moving lower against the US Dollar.
- There is a major bearish trend line forming with resistance at $250 on the hourly chart of BTG/USD (data feed from Bitfinex).
- There is a decent support forming on the downside around the $220-225 levels.
Bitcoin gold price is moving lower toward $220 against the US Dollar. BTG/USD struggled to move above $250 and is currently under pressure.
Bitcoin Gold Price Resistance
There was yet another test of the $260 resistance in bitcoin gold price against the US Dollar. The price once again was not to move above the $250 and $260 resistance levels. A new downside wave was initiated and the price moved below the $240 support. There was also a close below the $235 level and the 100 hourly simple moving average. It seems like the price is under pressure and may continue to struggle to move higher above $250.
On the downside, there is a decent support forming around the $220-225 levels. There were a couple of rejections from $220 and the price may once again find bids near $220. Should there be a break below $220, the price could decline further towards $200. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $261 high to $224 low. There is also a major bearish trend line forming with resistance at $250 on the hourly chart of BTG/USD.
An intermediate resistance is around $243 and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last decline from the $261 high to $224 low is at $244. Therefore, it seems like $245 is also an important resistance before $250.
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 40 and is heading south.
Major Support Level – $225
Major Resistance Level – $245
Charts courtesy – Trading View, Bitfinex
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