There were good gains in bitcoin gold price above the $320 support against the US Dollar. The price gained traction and broke a few important resistance levels like $340 and $350. It even moved above the $400 level and traded as high as $419.20 from where it started a downside correction. BTG declined below the 38.2% Fib retracement level of the last wave from the $220 low to $419 high.
However, the downside move was protected by the $320 support area and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $220 low to $419 high also acted as a support. On the downside, there is a crucial bullish trend line forming with support near $350 on the hourly chart of BTG/USD. The pair is currently placed well above the $340-350 support levels and is preparing for more gains. The trend line support at $350 is also near the 100 hourly simple moving average.
However, the downside move was protected by the $320 support area and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $220 low to $419 high also acted as a support. On the downside, there is a crucial bullish trend line forming with support near $350 on the hourly chart of BTG/USD. The pair is currently placed well above the $340-350 support levels and is preparing for more gains. The trend line support at $350 is also near the 100 hourly simple moving average.