Altcoins

Bitcoin Gold price breaches $300 mark, falls to $275 hours later

Bitcoin Gold

Bitcoin Gold price witnessed a bull run owing to which the altcoin breached the $300 mark against the US Dollar.

Bitcoin Gold (BTG) had a major horizontal resistance at $290 and once it managed to breach that it the BTG/USD trading pair rallied to as high as $368 at some of the exchanges. The cryptocurrency found decent support base formed around $200.

The price traded in a range for a long time above the $200 level and it later started an upside move. It gained momentum and was able to move above the $250 and $260 resistance levels. The upside move was strong and the price succeeded in moving above the $300 level.

More importantly, there was a break above a major horizontal resistance at $290 on the 4-hours chart of BTG/USD. The pair traded above the $350 level and closed above the 100 simple moving average (4-hour). It traded as high as $368 and is currently correcting lower. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $198 low to $368 high at $328. However, the most important support is around the $290 and $300 levels. The 38.2% Fib retracement level of the last wave from the $198 low to $368 high is also at $303 to act as a support.

About the author

Bryan White

Bryan White

Bryan has been a contributor in a number of online news publishing houses as a freelancer. He is a seasoned contributor with extensive experience in covering technology.

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