Bitcoin Gold price analysis: BTG/USD picks up acceleration, up over 6% on Friday; week’s peak at $89 is out of the picture for now
|- BTG/USD was supported by the bullish trend line; short-term support is at $75.00.
- A bearish momentum is growing; RSI is pointing downwards confirming the selling pressure.
Bitcoin Gold price is correcting higher, however, it is locked within a ranging channel with the upside capped at $80 and the downside at $70. BTG/USD is dancing with $76, but a bearish momentum is in progress around the same level. The bullish trend line on the hourly timeframe chart supported the price at $70; similarly, a short-term support has been formed at $75.00.
The 100 SMA is offering resistance to the upside, although, further up selling pressure will be experienced at $80.00 (23.6% Fibo) as the price retraces its steps towards $90. The gap between the moving averages is increasing which could signal more sellers to enter. The RSI is pointing downwards confirming that selling pressure is present.
The area around $75.00 is providing immediate support for BTG/USD, but the 50% Fib retracement level with the previous swing high of $89 and a low of $50 is a highlighted support zone. Bitcoin Gold price must keep the support to avoid declines below $70.00. Although $89 is out of the picture, for now, $80.00 is within reach.
BTG/USD hourly chart
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