GoNoGo Charts sees "NoGo" for Bitcoin
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)
The chart above is the daily chart of Bitcoin. After the last “Go” flag, around 6800, the crypto has enjoyed a healthy run, several times testing 10,000.
However, it has failed each time to break through that overhead resistance and during that time we have seen very little momentum(lower panel) as the GoNoGo Oscillator has stayed very close to the zero line.
Over the last few bars, the GoNoGo Trend has indicated a change, first painting a few amber neutral bars and now painting the first bearish “NoGo” bar since April 15th. Concurrently, the GoNoGo Oscillator has dipped into negative territory. Taken together, this is bearish action for the crypto currency.
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)
The chart above is the daily chart of Bitcoin. After the last “Go” flag, around 6800, the crypto has enjoyed a healthy run, several times testing 10,000.
However, it has failed each time to break through that overhead resistance and during that time we have seen very little momentum(lower panel) as the GoNoGo Oscillator has stayed very close to the zero line.
Over the last few bars, the GoNoGo Trend has indicated a change, first painting a few amber neutral bars and now painting the first bearish “NoGo” bar since April 15th. Concurrently, the GoNoGo Oscillator has dipped into negative territory. Taken together, this is bearish action for the crypto currency.
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