Bitcoin Gold Price Weekly Analysis – BTG/USD Holding Key Support
- Bitcoin gold price after trading as high as $347 started a downside correction against the US Dollar.
- There are two important bullish trend lines forming with support near $280 on the 4-hours chart of BTG/USD (data feed from Bitfinex).
- The pair might hold the $280-260 support area and could rise soon above $310.
Bitcoin gold price is holding the $260 support against the US Dollar. BTG/USD may soon gain traction and move above $300-310 in the near term.
Bitcoin Gold Price Forecast
There was a decent rise in bitcoin gold price above $300 this past week against the US Dollar. The price was able to move above the $320 and $340 levels. A new high was formed at $347.46 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 $347 high. However, there are many supports on the downside such as $260 and the 100 simple moving average (4-hours).
There are also two important bullish trend lines forming with support near $280 on the 4-hours chart of BTG/USD. These trend lines are holding the current downside move and preventing losses below $260. The pair recently tested the 50% Fib retracement level of the last wave from the $190 low to $347 high. It seems like the pair is above a major support area at $260-280. As long as the pair is above the stated support zone, it could move higher above the $310 level in the near term.
Above the mentioned $310, there can be more gains above $340. There are even chances of it breaking the $350 level. On the flip side, a break below $260 could accelerate downsides toward $200 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is currently in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently above the 50 level.
Major Support Level – $260
Major Resistance Level – $310
Charts courtesy – Trading View, Bitfinex
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