news & articles

Your go to place to stay updated with the latest news and fun articles from the finance and crypto worlds.

ALERTS | ICOS | STOCKS | CRYPTOS | OPINIONS

© Copyright GGG Inc.

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.

Bitcoin Gold Price Weekly Analysis – BTG/USD Showing Positive Signs

Key Points

  • 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.

Bitcoin Gold Price Weekly Analysis BTG USD

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

The post Bitcoin Gold Price Weekly Analysis – BTG/USD Showing Positive Signs appeared first on NewsBTC.

No Comments

Post A Comment