Bitcoin Gold Price Technical Analysis – BTG/USD Starts Major Correction


Bitcoin gold price is under pressure below $350 against the US Dollar. BTG/USD might extend declines and poised to test the $300-280 support area.

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Key Points

  • Bitcoin gold price has started a downside move and traded below the $350 support against the US Dollar.
  • This are two bearish trend lines forming with resistance at $330 and $335 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The price might continue to move down and it could even test the $280 support area in the near term.

Bitcoin gold price is under pressure below $350 against the US Dollar. BTG/USD might extend declines and poised to test the $300-280 support area.

Bitcoin Gold Price Resistance

After a decent upside move, bitcoin gold price faced sellers near $390-400 against the US Dollar. The price started a downside move and traded below the $350 and $340 support levels. It even traded as low as $303.76 from where a correction was initiated. The price is currently correcting higher towards $330. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $392 high to $303 low.

Moreover, there are two bearish trend lines forming with resistance at $330 and $335 on the hourly chart of BTG/USD. The first trend line is near $330 and it already acted as a barrier once. The second trend line is near the 38.2% Fib retracement level of the last decline from the $392 high to $303 low. Any upsides near $330-335 are likely to face sellers in the near term. Only close above $350 and the 100 hourly simple moving average might negate the current bearish trend.

On the downside, a break below the $303 would open the doors for a test of $280. Any further declines should be limited by a major support at $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 currently well below the 50 level.

Major Support Level – $300

Major Resistance Level – $335

 

Charts courtesy – Trading View, Bitfinex

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