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- Bitcoin gold price moved higher recently and broke the $350 resistance against the US Dollar.
- This is a crucial bullish trend line forming with support near $350 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The price is likely to continue moving higher and it could soon break $400 and $420 levels.
Bitcoin gold price is moving nicely above $350 against the US Dollar. BTG/USD is poised to trade further higher towards the $450 level.
Bitcoin Gold Price Trend
There were good gains in bitcoin gold price above the $320 support against the US Dollar. The price gained traction and broke a few important resistance levels like $340 and $350. It even moved above the $400 level and traded as high as $419.20 from where it started a downside correction. BTG declined below the 38.2% Fib retracement level of the last wave from the $220 low to $419 high.
However, the downside move was protected by the $320 support area and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $220 low to $419 high also acted as a support. On the downside, there is a crucial bullish trend line forming with support near $350 on the hourly chart of BTG/USD. The pair is currently placed well above the $340-350 support levels and is preparing for more gains. The trend line support at $350 is also near the 100 hourly simple moving average.
Therefore, any dips from the current levels near $350 will most likely face buyers. On the upside, a break above $400 would call for a push above $420 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is moving higher in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is about to reach the overbought levels.
Major Support Level – $350
Major Resistance Level – $420
Photo via Getty Images
Charts courtesy – Trading View, Bitfinex