Bitcoin Gold Price Weekly Analysis – BTG/USD in Downtrend
- Bitcoin gold price is struggling to recover and is currently heading lower towards $180-150 against the US Dollar.
- This is a major bearish trend line forming with resistance at $220 on the 4-hours chart of BTG/USD (data feed from Bitfinex).
- The pair might continue to move down, but the $150 support level holds a lot of importance in the near term.
Bitcoin gold price is declining towards $150 against the US Dollar. BTG/USD must hold the $150-160 support zone to recover in the near term.
Bitcoin Gold Price Upside Hurdle
There was no major upside move in bitcoin gold price this past week above $300 against the US Dollar. The price mostly struggled to move higher and started a downtrend from the $340 swing high. It seems like a solid downtrend is in place from the $420 high. It has already moved below the 61.8% Fib retracement level of the last major upside from the $151 low to $420 high.
At the moment, the price is trading well below the $300 level and the 100 simple moving average (4-hours). Moreover, the price has breached the 76.4% Fib retracement level of the last major upside from the $151 low to $420 high. These are negative signs and calling for more declines in the near term towards $150. On the upside, there is a major bearish trend line forming with resistance at $220 on the 4-hours chart of BTG/USD. The trend line resistance is very important for a recovery above $250.
If the current momentum remains intact, the price will most likely retest the last swing low of $150. The mentioned $150 support is very important and must hold to avoid any further declines.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is now mostly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is around the oversold levels.
Major Support Level – $150
Major Resistance Level – $220
Charts courtesy – Trading View, Bitfinex
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