Bitcoin Gold Price Weekly Analysis – BTG/USD Rockets Above $300

Bitcoin Gold Price Weekly Analysis BTG USD

Key Points

  • Bitcoin gold price after trading in a range for a long time broke the $300 level against the US Dollar.
  • There was a break above a major horizontal resistance at $290 on the 4-hours chart of BTG/USD (data feed from Bitfinex).
  • The pair traded as high as $368 and is currently correcting lower towards the $320 level.

Bitcoin gold price has moved sharply above $300 against the US Dollar. BTG/USD is now in the bullish zone above $320 and is poised for more gains.

Bitcoin Gold Price Trend

There was a decent support base formed around $200 in bitcoin gold price against the US Dollar. The price traded in a range for a long time above the $200 level and it later started an upside move. It gained momentum and was able to move above the $250 and $260 resistance levels. The upside move was strong and the price succeeded in moving above the $300 level.

More importantly, there was a break above a major horizontal resistance at $290 on the 4-hours chart of BTG/USD. The pair traded above the $350 level and closed above the 100 simple moving average (4-hour). It traded as high as $368 and is currently correcting lower. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $198 low to $368 high at $328. However, the most important support is around the $290 and $300 levels. The 38.2% Fib retracement level of the last wave from the $198 low to $368 high is also at $303 to act as a support.

Therefore, the $300 level is now a major support and buy zone in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is strongly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is gaining momentum above the 65 level.

Major Support Level – $300

Major Resistance Level – $350

Charts courtesy – Trading View, Bitfinex

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