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

Google+ Pinterest LinkedIn Tumblr +

Key Points

  • Bitcoin gold worth after buying and selling in a variety for a very long time broke the $300 stage in opposition to the US Dollar.
  • There was a break above a significant horizontal resistance at $290 on the Four-hours chart of BTG/USD (information feed from Bitfinex).
  • The pair traded as excessive as $368 and is presently correcting decrease in direction of the $320 stage.

Bitcoin gold worth has moved sharply above $300 in opposition to the US Dollar. BTG/USD is now in the bullish zone above $320 and is poised for extra beneficial properties.

Bitcoin Gold Price Trend

There was a good help base fashioned round $200 in bitcoin gold worth in opposition to the US Dollar. The worth traded in a variety for a very long time above the $200 stage and it later began an upside transfer. It gained momentum and was in a position to transfer above the $250 and $260 resistance ranges. The upside transfer was robust and the worth succeeded in shifting above the $300 stage.

More importantly, there was a break above a significant horizontal resistance at $290 on the Four-hours chart of BTG/USD. The pair traded above the $350 stage and closed above the 100 easy shifting common (Four-hour). It traded as excessive as $368 and is presently correcting decrease. An preliminary help on the draw back is round the 23.6% Fib retracement stage of the final wave from the $198 low to $368 excessive at $328. However, the most necessary help is round the $290 and $300 ranges. The 38.2% Fib retracement stage of the final wave from the $198 low to $368 excessive is additionally at $303 to behave as a help.

Bitcoin Gold Price Weekly Analysis BTG USD

Therefore, the $300 stage is now a significant help and purchase zone in the close to time period.

Looking at the technical indicators:

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

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

Major Support Level – $300

Major Resistance Level – $350

 

Charts courtesy – Trading View, Bitfinex

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and monetary markets. He specialises in market methods and technical evaluation, and has spent over a DECADE as a monetary markets contributor and observer. He possesses robust technical analytical abilities and is well-known for his entertaining and informative evaluation of the foreign money, commodities, Bitcoin and Ethereum markets.

Invacio Coin | The way forward for the fashionable world via the use of Multi-Agent AI and Blockchain

قالب وردپرس

Share.