Bitcoin Gold Price Technical Analysis – BTG/USD in Downtrend

Key Points

  • Bitcoin gold price is struggling to gain traction and remains below $200 against the US Dollar.
  • This is a declining channel forming with resistance at $220 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The price is likely to remain in a downtrend and it could even retest the $150 support area.

Bitcoin gold price is struggling a lot below $220 against the US Dollar. BTG/USD might extend declines and likely to trade toward $160-150.

Bitcoin Gold Price Resistance

There was a no recovery in bitcoin gold price above the $280 resistance against the US Dollar. The price started a downside move after failing to move above the $280 resistance and the 100 hourly simple moving average. It traded close to the $150 level and formed a low near $157.49. At present, the price is correcting higher, but struggling to break the 23.6% Fib retracement level of the last decline from the $280 high to $157 low.

It seems like there is a declining channel forming with resistance at $220 on the hourly chart of BTG/USD. The pair is likely to remain in a downtrend until there is a break above $220. Before $220, the $200 level and the 38.2% Fib retracement level of the last decline from the $280 high to $157 low are also hurdles. Above $220, the 100 hourly simple moving average is positioned near $230 to act as a barrier.

Bitcoin Gold Price Technical Analysis BTG USD

Overall, there are many hurdles for buyers starting with $200 up to $240. On the downside, the most important support is near $160 and $150. Any further declines could see buying interest above $150, but limited.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is not showing any major bullish signs.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD has just moved above the 50 level, but with a divergence.

Major Support Level – $160

Major Resistance Level – $220

Charts courtesy – Trading View, Bitfinex

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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Source: Newsbtc

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