This is a simple but very powerful chart of Bitcoin that demonstrates several of the strengths of GoNoGo Charts.
As I’ve mentioned before, the GoNoGo Trend indicator often changes color around important basic technical levels. We see this here as Bitcoin flirts with and tries to break above the downward sloping trend line the GoNoGo Trend paints its first blue “Go” bars. We can also see that this Color change happened in advance of the break of the upper horizontal bound of an ascending triangle, giving the analyst an early heads up.
In the lower panel, we can see once again the value in the GoNoGo Oscillator’s interaction with the zero line. Note that the GoNoGo Oscillator is a leading, momentum indicator and so it was able to break above the zero line in advance of the color change in the panel above. It then became a battle between the resistance in the price panel and the support of the zero line in the oscillator panel.
As we can see, the “Go” trend prevailed and prices have moved higher.
As I’ve mentioned before, the GoNoGo Trend indicator often changes color around important basic technical levels. We see this here as Bitcoin flirts with and tries to break above the downward sloping trend line the GoNoGo Trend paints its first blue “Go” bars. We can also see that this Color change happened in advance of the break of the upper horizontal bound of an ascending triangle, giving the analyst an early heads up.
In the lower panel, we can see once again the value in the GoNoGo Oscillator’s interaction with the zero line. Note that the GoNoGo Oscillator is a leading, momentum indicator and so it was able to break above the zero line in advance of the color change in the panel above. It then became a battle between the resistance in the price panel and the support of the zero line in the oscillator panel.
As we can see, the “Go” trend prevailed and prices have moved higher.
