Bitcoin Gold Price Technical Analysis – BTG/USD in Downtrend
Key Points
Bitcoin gold price is struggling to gain traction and remains below $200 against the US Dollar.
This is a declining channel forming with resistance at $220 on the hourly chart of BTG/USD (data feed on Bitfinex).
The price is likely to remain in a downtrend and it could even retest the $150 support area.
Bitcoin gold price is struggling a lot below $220 against the US Dollar. BTG/USD might extend declines and likely to trade toward $160-150.
Bitcoin Gold Price Resistance
There was a no recovery in bitcoin gold price above the $280 resistance against the US Dollar. The price started a downside move after failing to move above the $280 resistance and the 100 hourly simple moving average. It traded close to the $150 level and formed a low near $157.49. At present, the price is correcting higher, but struggling to break the 23.6% Fib retracement level of the last decline from the $280 high to $157 low.
It seems like there is a declining channel forming with resistance at $220 on the hourly chart of BTG/USD. The pair is likely to remain in a downtrend until there is a break above $220. Before $220, the $200 level and the 38.2% Fib retracement level of the last decline from the $280 high to $157 low are also hurdles. Above $220, the 100 hourly simple moving average is positioned near $230 to act as a barrier.
Bitcoin Gold Price Technical Analysis BTG USD
Overall, there are many hurdles for buyers starting with $200 up to $240. On the downside, the most important support is near $160 and $150. Any further declines could see buying interest above $150, but limited.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is not showing any major bullish signs.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD has just moved above the 50 level, but with a divergence.
Major Support Level – $160
Major Resistance Level – $220