19 Jan Bitcoin Gold Price Technical Analysis – BTG/USD Approaching Key Support
- Bitcoin gold price is slowly recovering and is currently trading above the $200 level against the US Dollar.
- There is a key bearish trend line forming with resistance at $250 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair may continue to move higher, but it could face sellers near the $240 and $250 resistances.
Bitcoin gold price is recovering from the $140 support zone against the US Dollar. BTG/USD might recovery further and it could test the $240-260 resistance zone.
Bitcoin Gold Price Resistance
After trading as low as $143, bitcoin gold price started a recovery against the US Dollar. The price moved higher and broke the $200 resistance level to set the pace for more gains. It also cleared the 23.6% Fib retracement level of the last decline from the $340 swing high to $143 low. The current price action is positive and there are chances of more gains above $220 in the near term.
At the moment, the price is testing a key resistance at $218-220 and the 100 hourly simple moving average. The $218 level is also the 38.2% Fib retracement level of the last decline from the $340 swing high to $143 low. Above the $220 level, there is a major bearish trend line forming with resistance at $250 on the hourly chart of BTG/USD. The trend line resistance around $250 is the most important barrier for buyers on the upside. An intermediate resistance is around the 50% Fib retracement level of the last decline from the $340 swing high to $143 low at $241.
The current momentum is positive, but it won’t be easy for BTG/USD to break the $240-250 resistance area.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is moving higher towards the 60 level.
Major Support Level – $200
Major Resistance Level – $250
Charts courtesy – Trading View, Bitfinex
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