- Bitcoin gold price moved higher recently and broke the $350 resistance against the US Dollar.
- This is a crucial bullish trend line forming with support near $350 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The price is likely to continue moving higher and it could soon break $400 and $420 levels.
Bitcoin gold price is moving nicely above $350 against the US Dollar. BTG/USD is poised to trade further higher towards the $450 level.
Bitcoin Gold Price Trend
There were good gains in bitcoin gold price above the $320 support against the US Dollar. The price gained traction and broke a few important resistance levels like $340 and $350. It even moved above the $400 level and traded as high as $419.20 from where it started a downside correction. BTG declined below the 38.2% Fib retracement level of the last wave from the $220 low to $419 high.
However, the downside move was protected by the $320 support area and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $220 low to $419 high also acted as a support. On the downside, there is a crucial bullish trend line forming with support near $350 on the hourly chart of BTG/USD. The pair is currently placed well above the $340-350 support levels and is preparing for more gains. The trend line support at $350 is also near the 100 hourly simple moving average.
Therefore, any dips from the current levels near $350 will most likely face buyers. On the upside, a break above $400 would call for a push above $420 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is moving higher in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is about to reach the overbought levels.
Major Support Level – $350
Major Resistance Level – $420
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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