GoNoGo Charts: Has Bitcoin woken up?
A few bars ago saw a “Go” flag on the daily GoNoGo chart of Bitcoin.
As we previously highlighted, Bitcoin had slipped into a low volatility consolidation that was shown on the GoNoGo Charts by the climbing grid of the GoNoGo Squeeze. Analysts understand that after periods of low volatility like this, price often breaks out and can move sharply.
The Squeeze has been broken, with the GoNoGo Oscillator moving into positive territory, accompanying the GoNoGo Trend change to a “Go”.
We look for the cryptocurrency to once again attempt to break resistance at 10,000.
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)
As we previously highlighted, Bitcoin had slipped into a low volatility consolidation that was shown on the GoNoGo Charts by the climbing grid of the GoNoGo Squeeze. Analysts understand that after periods of low volatility like this, price often breaks out and can move sharply.
The Squeeze has been broken, with the GoNoGo Oscillator moving into positive territory, accompanying the GoNoGo Trend change to a “Go”.
We look for the cryptocurrency to once again attempt to break resistance at 10,000.
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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