Bitcoin resting again before another move?
On 7/22, the GoNoGo Trend flagged a “Go” for *Bitcoin. This trend change happened as the GoNoGo Oscillator broke out of the climbing grid of the GoNoGo Squeeze (first grey arrow lower panel).
*Bitcoin has been consolidating in a range with lows around 11,000 and highs of 12,000 since the move. Now for the first time in this “Go” trend, the GoNoGo Oscillator is back to test zero (second grey arrow lower panel).
If the trend is healthy, we expect this to be support and for the world’s largest crypto to rally once more. If the oscillator fails to find support at zero, breaking into negative territory, then the “Go” trend would be threatened.
The longer the GoNoGo Oscillator stays at zero, the bigger the squeeze we’ll see and with it, greater potential for a volatile move to follow.
*Bitcoin has been consolidating in a range with lows around 11,000 and highs of 12,000 since the move. Now for the first time in this “Go” trend, the GoNoGo Oscillator is back to test zero (second grey arrow lower panel).
If the trend is healthy, we expect this to be support and for the world’s largest crypto to rally once more. If the oscillator fails to find support at zero, breaking into negative territory, then the “Go” trend would be threatened.
The longer the GoNoGo Oscillator stays at zero, the bigger the squeeze we’ll see and with it, greater potential for a volatile move to follow.
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