07 Jan Bitcoin Gold Price Weekly Analysis – BTG/USD Showing Positive Signs
- Bitcoin gold price is moving nicely and is forming support around the $210 level against the US Dollar.
- There is a major bearish trend line forming with current resistance at $270 on the 4-hours chart of BTG/USD (data feed from Bitfinex).
- The pair has to move above the $270 and $290 resistance levels to move back in the bullish zone.
Bitcoin gold price is slowly gaining pace above $220 against the US Dollar. BTG/USD must clear the $270 and $290 hurdles to gain traction.
Bitcoin Gold Price Support
There was a sharp downside move in bitcoin gold price from the $420 high to $192 low against the US Dollar. Later, the price formed a decent support base and moved above $200. It has formed a good base above the $200 level and is currently trading in a range above $200-220. It recently succeeded in breaking the 23.6% Fib retracement level of the last drop from the $420 high to $192 low.
However, there are two important resistance forming on the upside at $270 and $290. Both acted as a major barriers for more gains. Moreover, there is a major bearish trend line forming with current resistance at $270 on the 4-hours chart of BTG/USD. The trend line resistance is above the 100 simple moving average. The current price action is positive above $240. Therefore, there is a chance that BTG could move above $270. However, the $290 resistance is the next barrier along with the 50% Fib retracement level of the last drop from the $420 high to $192 low.
A proper close above the $300 level is required for buyers to gain momentum. As long as the price is below the $300 level, there can be more ranging moves between $220-290.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is slightly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is moving higher toward the 70 level.
Major Support Level – $220
Major Resistance Level – $290
Charts courtesy – Trading View, Bitfinex
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