Bitcoin Gold Price Technical Analysis – BTG/USD to Surge above $400?


Bitcoin gold price is gaining traction above $380 against the US Dollar. BTG/USD may soon accelerate gains above the $400 level going forward.

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Key Points

  • Bitcoin gold price is gaining momentum and it recently traded above $380 against the US Dollar.
  • There was a break above a major connecting resistance trend line at $355 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The pair might continue to move higher above the $400 level in the near term.

Bitcoin gold price is gaining traction above $380 against the US Dollar. BTG/USD may soon accelerate gains above the $400 level going forward.

Bitcoin Gold Price Trend

It was a good period for bitcoin gold price as it moved above the $325 and $360 resistance levels against the US Dollar. The upside move was strong and the price almost tested the $400 level. A high was formed at $399.92 and it seems like the current upside move is far from over. During the upside move, there was a break above a major connecting resistance trend line at $355 on the hourly chart of BTG/USD.

The pair is now poised to break the $400 level and gain further. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $290 low to $399 high. However, the most important support is near $360 and $355. The mentioned $355 level was a resistance earlier, and now it is likely to act as a support. Moreover, the 38.2% Fib retracement level of the last wave from the $290 low to $399 high is also around $358 to act as a decent support.

On the upside, a break above the $400 level is very likely. Above $400, the next target could be the $425 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is heading towards the overbought levels.

Major Support Level – $355

Major Resistance Level – $400

 

Charts courtesy – Trading View, Bitfinex

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