GoNoGo Charts sees Bitcoin dozing
It looks as though Bitcoin has fallen asleep. Since failing several times in the last month or two to break and stay above 10,000, the cryptocurrency has continued to consolidate with less and less *volatility and very little price movement.
We became *bearish on the 25th of June when the GoNoGo Trend started to paint “NoGo” bars all while the GoNoGo Oscillator struggled with the zero line.
Currently, the GoNoGo Squeeze has climbed to its extreme level and so we will look to see if this time the Oscillator can make a directional move out of the Squeeze. Given that we are in a “NoGo” trend, the expectation is that there is more chance the break will be to the downside and we therefore could see a *drop in the coin’s price. If *bullish momentum comes in to change that, then the GoNoGo Charts will let us know.
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from *bright blue (strongly *bullish) to dark *purple (strongly *bearish)
The GoNoGo Oscillator blends traditional *momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely *oversold) to +6 (extremely *overbought)
We became *bearish on the 25th of June when the GoNoGo Trend started to paint “NoGo” bars all while the GoNoGo Oscillator struggled with the zero line.
Currently, the GoNoGo Squeeze has climbed to its extreme level and so we will look to see if this time the Oscillator can make a directional move out of the Squeeze. Given that we are in a “NoGo” trend, the expectation is that there is more chance the break will be to the downside and we therefore could see a *drop in the coin’s price. If *bullish momentum comes in to change that, then the GoNoGo Charts will let us know.
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from *bright blue (strongly *bullish) to dark *purple (strongly *bearish)
The GoNoGo Oscillator blends traditional *momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely *oversold) to +6 (extremely *overbought)
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