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Bitcoin Gold Price Technical Analysis – BTG/USD Starts Major Correction

Key Points

  • Bitcoin gold price has started a downside move and traded below the $350 support against the US Dollar.
  • This are two bearish trend lines forming with resistance at $330 and $335 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The price might continue to move down and it could even test the $280 support area in the near term.

Bitcoin gold price is under pressure below $350 against the US Dollar. BTG/USD might extend declines and poised to test the $300-280 support area.

Bitcoin Gold Price Resistance

After a decent upside move, bitcoin gold price faced sellers near $390-400 against the US Dollar. The price started a downside move and traded below the $350 and $340 support levels. It even traded as low as $303.76 from where a correction was initiated. The price is currently correcting higher towards $330. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $392 high to $303 low.

Moreover, there are two bearish trend lines forming with resistance at $330 and $335 on the hourly chart of BTG/USD. The first trend line is near $330 and it already acted as a barrier once. The second trend line is near the 38.2% Fib retracement level of the last decline from the $392 high to $303 low. Any upsides near $330-335 are likely to face sellers in the near term. Only close above $350 and the 100 hourly simple moving average might negate the current bearish trend.

Bitcoin Gold Price Technical Analysis BTG USD

On the downside, a break below the $303 would open the doors for a test of $280. Any further declines should be limited by a major support at $250.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently well below the 50 level.

Major Support Level – $300

Major Resistance Level – $335

Charts courtesy – Trading View, Bitfinex

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Source : BTCNews

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