The GoChain has formed a strong bottom near 500 satoshis area, which has been rejected multiple times during the past few days. At the same time GO/BTC has rejected the 127.2% Fibonacci retracement level applied to the last corrective wave up occurred on the 18th of September.
After rejecting the 500 satoshis support, price went up and broke above the downtrend trendline and the 50 Moving Average simultaneously suggesting potential corrective move up or even the trend reversal.
Speaking about the trend reversal, at this point it is to early to state that, however the upside correction probability is very high. If daily close stays above the recent low at 470 satoshis, price should move at least towards the 560 satoshis area, where previous support and resistance has been formed previously.
Clean break above the 560 satoshis resistance should be the confirmation of the trend reversal, confirming that GoChain has already reached the bottom and potentially ready to move to the new all-time highs.
On the downside, daily break and close below 470 satoshis will invalidate bullish outlook and the downtrend is likely to continue.