Key Points
- Bitcoin gold price is currently under a correction and is holding the 0 support against the US Dollar.
- There is a major bullish trend line forming with support at 5 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair must stay above the 0 and 5 support levels to bounce back in the near term.
Bitcoin gold price is currently correcting lower against the US Dollar. BTG/USD must hold 0 and the 100 hourly SMA to trade back above 0.
Bitcoin Gold Price Trend
There was a minor correction wave initiated from the 7 swing high against the US Dollar. The price declined below the 0 and 0 support levels and traded close to the 0 level. There was also a push below the 50% Fib retracement level of the last wave from the 1 low to 7 high. However, the 100 hourly simple moving average, currently at 0 protected declines.
More importantly, there is a major bullish trend line forming with support at 5 on the hourly chart of BTG/USD. The trend line support is just above the 100 hourly simple moving average, which is currently at 0. Moreover, the 76.4% Fib retracement level of the last wave from the 1 low to 7 high is near 5. Therefore, a break below the 0-270 support zone won’t be easy.
As long as the price is above the 0 support, it could bounce back and move above the 0 level. Above 0, the next target for buyers could be around the last swing high of 7. On the flip side, a break below the 0 support will most likely set the tone for a test of 0.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is currently reducing its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is now well below the 50 level.
Major Support Level – 0
Major Resistance Level – 0
Charts courtesy – Trading View, Bitfinex
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