Key Points Bitcoin gold price failed to move above the $280 level and extended declines against the US Dollar. Yesterday’s highlighted connecting bearish trend line with current resistance at $225 is intact on the hourly chart of BTG/USD (data feed from Bitfinex). The price is struggling to gain traction and might test the $180 support area in the near term.
Bitcoin gold price failed to break $300 against the US Dollar. BTG/USD is now under pressure and it might decline towards $200-180.
Bitcoin Gold Price Upside Hurdle
After a nasty upside ride, we saw a decent decline in bitcoin gold price towards $180 against the US Dollar. Later, the price started an upside correction, but failed to move above the $270-280 levels. It seems like the price failed to settle above the 23.6% Fib retracement level of the last decline from the $478 high to $183 low. Moreover, yesterday’s highlighted connecting bearish trend line with current resistance at $225 on the hourly chart of BTG/USD acted as a major hurdle.
The same trend line is still intact and preventing gains above $220-230. The worst thing is the fact that the price is now below the 100 hourly simple moving average and juts holding $200. It won’t be easy for buyers to push the price above $230. Above $230, the next major hurdle is near $270. Only a close above $270 would call for a test of the 50% Fib retracement level of the last decline from the $478 high to $183 low at $330.
On the downside, the $200 handle and the $180 swing low are decent support levels for the current decline.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is back in the bearish zone, showing negative signs.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently near 40 with no sign of a recovery.
Major Support Level – $180
Major Resistance Level – $230
Charts courtesy – Trading View, Bitfinex
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