- Bitcoin gold price tumbled recently and moved below the $250 support against the US Dollar.
- There is a major bearish trend line in place with resistance at $255 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The price is currently correcting higher, but upsides remain capped by the $255-260 resistance zone.
Bitcoin gold price is facing selling pressure around $260 against the US Dollar. BTG/USD might remain in a downtrend towards $200.
Bitcoin Gold Price Decline
There was no major recovery in bitcoin gold price above the $300 level against the US Dollar. The price failed to hold the $300 support and declined further. There was even a break below the $250 support area and a push towards the $200 handle. A low was formed at $209.37 from where the price started a minor correction. It has moved above the 23.6% Fib retracement level of the last decline from the $310 high to $209 low.
However, it is facing many hurdles on the upside near $260. The broken support at $255-260 is now acting as a resistance and preventing gains. There is also a major bearish trend line in place with resistance at $255 on the hourly chart of BTG/USD. Moreover, the 38.2% Fib retracement level of the last decline from the $310 high to $209 low is currently acting as a resistance at $248.
Therefore, a break above the $255-260 levels won’t be easy. Should the price fail to move above the $260 level, it could decline back towards the $200 handle. Any further losses should be limited considering the current market conditions. On the upside, a break above the $260 level would push the price towards the $280-290 levels.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is now back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is around the 50 level.
Major Support Level – $210
Major Resistance Level – $260
Charts courtesy – Trading View, Bitfinex
Photo via Getty Images