- Bitcoin gold price is trading with a nice bullish tone above the $240 support against the US Dollar.
- There is a crucial ascending channel forming with support at $230 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The price is currently holding the $240 support and placed nicely above the 100 hourly simple moving average.
Bitcoin gold price is slowly moving higher towards $300 against the US Dollar. BTG/USD is holding the $240 support and is eyeing more gains.
Bitcoin Gold Price Support
There was a break above the $280 resistance in bitcoin gold price against the US Dollar. The price traded as high as $295.58 before it started a downside correction. It moved below the 38.2% Fib retracement level of the last wave from the $190 low to $295 high. However, the downside move was protected by the $240 support and the 100 hourly simple moving average.
Moreover, there is a crucial ascending channel forming with support at was a break above a major bearish trend line at $230 on the hourly chart of BTG/USD. The channel support and the 100 hourly SMA acted as a major buy zone above $240. Lastly, the pair found bids near the 50% Fib retracement level of the last wave from the $190 low to $295 high. Therefore, it seems like the $240 support rejection was important and the price is now set for an upside move.
The price might head higher towards the $280 resistance. Once there is a break above the $280 level, the price can retest the $295 high. Above the mentioned $295, the price will most likely move above the $300 level.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is currently slightly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently just above the 50 level.
Major Support Level – $240
Major Resistance Level – $300
Charts courtesy – Trading View, Bitfinex
Photo via Getty Images