THELOGICALINDIAN - Key Points
Bitcoin gold amount reacted downside from the $260 attrition adjoin the US Dollar. BTG/USD may now extend declines appear the $220 level.
Bitcoin Gold Price Downside Move
There was a long struggle to breach the $260 and $270 attrition levels in bitcoin gold amount adjoin the US Dollar. The amount bootless to achieve aloft the $260 and after started a downside move. It bankrupt the 23.6% Fib retracement akin of the aftermost beachcomber from the $208 low to $260 high. The downside move was strong, as the amount bankrupt the $250 abutment and alike bankrupt beneath the 100 alternate simple affective average.
Moreover, there was a breach beneath a application triangle with abutment at $245 on the alternate blueprint of BTG/USD. This acutely credibility to an access in affairs burden beneath $250 on BTG. The brace is currently trading about the 50% Fib retracement akin of the aftermost beachcomber from the $208 low to $260 high. It seems like the amount ability abide to abatement in the abreast appellation against $230 and $220. On the upside, an initial resistance is about $245.
However, the best important attrition is about $250-255. There are two bearish trend curve positioned about $255 on the aforementioned chart. Thus, the $255-260 attrition ability abide to anticipate upsides in bitcoin gold price. On the downside, the abutting above abutment is at $220 followed by $200.
Looking at the abstruse 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 affective lower appear the 30 level.
Major Support Level – $220
Major Resistance Level – $260
Charts address – Trading View, Bitfinex
