Key Points
- Bitcoin gold price is slowly moving higher toward the 0 level against the US Dollar.
- There is a short-term bullish trend line forming with support at 5 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair is currently correcting lower and is holding the 0 support and the 100 hourly simple moving average.
Bitcoin gold price is trading positively above the 0 level against the US Dollar. BTG/USD may soon make the next move either above 0 or below 0.
Bitcoin Gold Price Support
There was a slow and steady rise initiated from the 6 low in bitcoin gold price against the US Dollar. The price managed to move higher and broke the 5 and 0 resistance levels. It even traded close to the 0 level, which is a major resistance. A high was formed at 9.57 from where a downside correction was initiated. It has moved below the 23.6% Fib retracement level of the last wave from the 6 low to 9 high.
However, the downside move seems to be limited below 0. At the moment, the 38.2% Fib retracement level of the last wave from the 6 low to 9 high is acting as a support. There is also a short-term bullish trend line forming with support at 5 on the hourly chart of BTG/USD. The trend line support at 0-185 coincides with the 100 hourly simple moving average. As long as the price is above the 0 level, it could attempt to clear the 0 resistance.
Overall, it seems like the price is approaching a break either above 0 or below 0. Above 0, the price may accelerate toward the 0 level in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is attempting to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently just below the 50 level.
Major Support Level – 0
Major Resistance Level – 0
Charts courtesy – Trading View, Bitfinex
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