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Bitcoin Gold Price Weekly Analysis – BTG/USD Facing 100 SMA

Key Points

  • Bitcoin gold price formed a low at $143.92 and started a recovery against the US Dollar.
  • There is a key bearish trend line forming with resistance at $240 on the 4-hours chart of BTG/USD (data feed from Bitfinex).
  • The pair has to break the $240 resistance and the 100 simple moving average (4-hours) to gain momentum.

Bitcoin gold price is recovering above the $200 level against the US Dollar. BTG/USD now has to clear strong sell offers near the $240 and $250 resistance levels.

Bitcoin Gold Price Resistance

After a strong decline, bitcoin gold price found buyers below the $150 level against the US Dollar. The price traded as low as $143.92 before started an upside correction. It recovered well and traded above the $180 and $190 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $338 high to $143 low.

More importantly, the price was successful in moving above the $200 resistance. However, the price is facing a major hurdle near the $240 level. There is a key bearish trend line forming with resistance at $240 on the 4-hours chart of BTG/USD. The trend line resistance at $240 is near the 100 simple moving average (4-hours). Furthermore, the 50% Fib retracement level of the last decline from the $338 high to $143 low is at $241 to act as a barrier for buyers.

Bitcoin Gold Price Weekly Analysis BTG USD

Therefore, clearly the $240 level and the 100 simple moving average (4-hours) are major resistances. A break above the $240-250 zone is needed for buyers to gain traction. On the downside, an initial support is at $200. Below the mentioned $200, there could an increase in selling pressure toward $180.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is struggling to gain pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is moving lower and is currently below the 50 level.

Major Support Level – $200

Major Resistance Level – $250

 

Charts courtesy – Trading View, Bitfinex

The post Bitcoin Gold Price Weekly Analysis – BTG/USD Facing 100 SMA appeared first on NewsBTC.

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