The price of Bitcoin Gold continues its bearish trend, still below $320. It continues to hold $250, but the risk of further declines is still prominent.
There seems to be no reprieve for the Bitcoin Gold price, which has plummeted recently close to the $250 support area. Its recent low was recorded at $252.44. There was an upside move, but that met resistance from the $300 mark as buyers failed to force it through the barriers of $300 and $310.
The recent 50% Fib retracement level, from $346 high to $252 low was also a major stumbling point. Furthermore, a stubbornly bearish trend line, with resistance at $290, is preventing upsides. The major barrier on the upside seems to be around the $300 to $320 mark. The longer these barriers hold firm against Bitcoin Gold’s attempts to grow, the greater the risk that investors will lose faith (or interest) and look elsewhere.
The longer the price sits below $300 and $320, the greater the likelihood of further price slides. The support plateau of $250 is very important, followed by the $220 mark – if prices for the pair begin to tumble below these levels, the word ‘crisis’ may begin to be thrown around. The cryptocurrency market is getting increasingly competitive as mainstream adoption of the most popular ones continues to grow.
• Price of Bitcoin Gold recently fell below the $300 support level.
• The bearish trend continued, with resistance around $290 on the Bitfinex hourly chart.
• In the near time, the price may continue having a hard time, breaking the resistance levels of $290 and $300.
Keep a close eye on the movements of Bitcoin Gold if you have a stake in the market. Cryptocurrencies are notoriously volatile, so there may be more twists in the tale as time unfolds.