Read and Learn: #02 ~ Bitcoin Gold Price Technical Analysis – BTG/USD Upsides Remain Capped

exyle1 (36)in #btg • 7 years ago (edited)

There were a few upside swing moves in above $200 in bitcoin gold price against the US Dollar. The price tested the $240 resistance and failed to gain momentum. There were two attempts to trade past $240, but buyers failed to push the price above $240-250. As a result, there was a downside reaction below $230. It broke the 23.6% Fib retracement level of the last wave from the $145.01 low to $241.20 high.

More importantly, there was a break below a short-term bullish trend line with support at $225 on the hourly chart of BTG/USD. The pair even broke the $200 support once and the 100 hourly simple moving average. However, the $190 support prevented declines along with the 50% Fib retracement level of the last wave from the $145.01 low to $241.20 high. BCH is currently moving higher and is trading above the $200 level and the 100 hourly SMA.

It could continue to move higher toward the $230 and $240 resistance levels. However, it needs to gain momentum above $240 to drift towards the $280 and $300 levels. On the downside, the $200 level is a short-term support followed by the $190 low.