Key Points
- Bitcoin gold price after trading a few points above the 0 level found sellers against the US Dollar.
- There was a break below a key bullish trend line with support at 8 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair traded as low as 4 and is currently correcting higher towards 0-320.
Bitcoin gold price declined sharply from 0 against the US Dollar. BTG/USD is now well below 0 and is showing a lot of bearish signs.
Bitcoin Gold Price Resistance
There was a solid upside move in bitcoin gold price above the 0 level against the US Dollar. The price even traded above the 0 level and posted a high at 1. Later a downside wave was initiated and the price moved below the 0 level. It moved below the 50% Fib retracement level of the last wave from the 0 low to 1 high. It opened the doors for more losses and the price moved below 0.
More importantly, there was a break below a key bullish trend line with support at 8 on the hourly chart of BTG/USD. The pair even traded below the 0 support and closed below the 100 hourly simple moving average. A low was formed at 4.58 from where the pair started an upside correction. An initial resistance is around the 23.6% Fib retracement level of the last decline from the 1 high to 4.58 low. If the pair corrects higher from the current levels, it will most likely face sellers near 0-320.
On the downside, the last swing low of 4 is a decent support. Below the mentioned 4 support, there can be a test of the 0 level in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is now placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is around the oversold levels, and recovering.
Major Support Level – 5
Major Resistance Level – 0
Charts courtesy – Trading View, Bitfinex
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