Key Points
- Bitcoin gold price failed to move above the 0 resistance and declined against the US Dollar.
- There was a break below a contracting triangle with support at 5 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair might continue to decline toward the 0 and 0 support levels in the near term.
Bitcoin gold price reacted downside from the 0 resistance against the US Dollar. BTG/USD may now extend declines towards the 0 level.
Bitcoin Gold Price Downside Move
There was a long struggle to break the 0 and 0 resistance levels in bitcoin gold price against the US Dollar. The price failed to settle above the 0 and later started a downside move. It broke the 23.6% Fib retracement level of the last wave from the 8 low to 0 high. The downside move was strong, as the price broke the 0 support and even closed below the 100 hourly simple moving average.
Moreover, there was a break below a contracting triangle with support at 5 on the hourly chart of BTG/USD. This clearly points to an increase in selling pressure below 0 on BTG. The pair is currently trading around the 50% Fib retracement level of the last wave from the 8 low to 0 high. It seems like the price might continue to decline in the near term toward 0 and 0. On the upside, an initial resistance is around 5.
However, the most important resistance is around 0-255. There are two bearish trend lines positioned around 5 on the same chart. Thus, the 5-260 resistance might continue to prevent upsides in bitcoin gold price. On the downside, the next major support is at 0 followed by 0.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is moving lower towards the 30 level.
Major Support Level – 0
Major Resistance Level – 0
Charts courtesy – Trading View, Bitfinex
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