- Bitcoin gold price made a nice upside move from the $190 swing low against the US Dollar.
- There was a break above a major bearish trend line at $230 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The price is now placed well above the $230 support and the 100 hourly simple moving average.
Bitcoin gold price moved above the $230 resistance against the US Dollar. BTG/USD is now a good buy on dips toward the $230-210 levels.
Bitcoin Gold Price Support
This past week, we saw a downside reaction in bitcoin gold price below the $200 support against the US Dollar. The price moved down and traded as low as $190 where buyers appeared. They were successful in defending more losses in BTG and as a result, the price moved back above $200. The upside move was such that the price was able to break the $230 resistance and the 100 hourly simple moving average. This means that the price moved back in the bullish zone with a close above $210-230.
A high was formed at $277.67 from where the price started a downside correction. It moved below the 23.6% Fib retracement level of the last wave from the $190 low to $277 high. However, the downside move is finding support around $250 level. The most important support is near $230 and the 100 hourly simple moving average. The mentioned level was a resistance earlier and now it could stop declines below $230. The same level is also the 50% Fib retracement level of the last wave from the $190 low to $277 high.
Therefore, any dips from the current levels toward $230 remain supported. On the upside, buyers could target the $300 handle in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is placed well around the 60 level.
Major Support Level – $230
Major Resistance Level – $270
Charts courtesy – Trading View, Bitfinex
Photo via Getty Images