Bitcoin Gold (BTGUSD) Price Forecast: October 10
BTGUSD is likely to encounter a possible reversal at the current support value and face the positive side soon. After testing the bottom support, a usual response would be a bullish reversal; should buyers eventually wrestle trend control from sellers and rebound from the $12.82 support level, the bullish momentum might possibly drive the coin price to a high at the $26.00 supply trend line.
Key Levels:
Resistance Levels: $22.00, $23.00, $24.00
Support Levels: $12.00, $11.00, $10.00
BTG (USD) Long-term Trend: Bearish (Daily Chart)
As an outcome of low bullish momentum, the Bitcoin Gold market trades in a bearish trend. Sellers are hindering the market from smashing through the supply zones. However, a possible reversal is likely soon, as the coin market is oversold.
The pair reached the $13.29 resistance mark during yesterday’s session, but the interaction from the bears now dropped the coin price to a low at the $12.82 level as the daily chart resumes today.
Should the bulls increase their momentum, the price of BTGUSD could turn up from the $12.82 support and jump above the $24.91 previous supply mark, to wade off the bearish shackles and extend the recovery pattern to a higher level.
Additionally, there is a possibility of price reversal at the mentioned support level as the market is now below the level 20% of the daily stochastic. It means that the coin market is oversold. This implies that the selling momentum will end soon and the time to gain more strength by buyers is near.
In light of this, the next bullish correction phase could reach a high at the $26.00 upper supply mark in the days ahead as we watch the Bitcoin Gold market turn bullish sooner in its long-term outlook.
BTG (USD) Medium-term Trend: Bearish (4H Chart)
The market value of Bitcoin Gold in the medium-term time frame is seen below the moving average which confirms its bearishness.
The downward move to the $13.00 support level by the bears during the previous session also gave sellers more strength to continue with the trend in its recent low.
Actions from the bears further dropped the coin price down to the $12.82 support level below the EMA as the 4-hour chart resumes today.
Meanwhile, if the bulls could wrestle with sellers at the current support, the anticipated bullish reversal could kick start a new recovery cycle and may push the price above the $14.90 price level.
Notably, there is a possibility for a reversal at the $12.82 low value as the coin market selling pressure will soon be exhausted. If this is achieved, the price of BTGUSD may turn upside to hit the $26.00 supply mark in the days ahead in its medium-term outlook.
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