The GoNoGo Trend has flagged a “NoGo” on Bitcoin! After a steep rise that started at under 650 in mid April and climbed to over 10400, the crypto has tried and failed to break through resistance.
The GoNoGo Trend over the past few weeks has been unable to maintain its “Go” Trend and has painted several amber, neutral bars. The neutral bars indicate an absence of trend and often appear as a bridge between trends. Finally, the “NoGo” trend is visible.
This trend change has happened as the GoNoGo Oscillator has struggled to find support at the zero line, indicating that there is not enough positive momentum to carry the coin higher. We will look for price to test the lows of the range around 8200.
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 GoNoGo Trend over the past few weeks has been unable to maintain its “Go” Trend and has painted several amber, neutral bars. The neutral bars indicate an absence of trend and often appear as a bridge between trends. Finally, the “NoGo” trend is visible.
This trend change has happened as the GoNoGo Oscillator has struggled to find support at the zero line, indicating that there is not enough positive momentum to carry the coin higher. We will look for price to test the lows of the range around 8200.
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)