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BTG/USD: Bulls try to rally after market loses over 11% of its value

FX Street
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  • BTG/USD lost over 11% of its value this Monday, dropping down from $11 to $9.70 driving the market below the lower 20-day Bollinger band.
  • The bulls are seemingly rallying back, trying to break past resistance at $9.80.

BTG/USD faced a battering this Monday, going down from $11 to $9.70, losing over 11% of its value in the process based on market speculation. It looks like the bulls are trying to rally back by breaking past resistance at $9.80. The overall market still appears bearish for the foreseeable future.

BTG/USD daily chart

The BTG/USD market fell drastically this Monday. The bulls are trying to fight back but the market still lies below the lower band of the 20-day Bollinger Band which is an indication of an extremely bearish market. The buyers need to break past resistance at $9.80 to prevent BTG/USD from continuing its downtrend. While some recovery may be in sight, the overall market still remains bearish.
 

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