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As Bitcoin rallied from its lows on January 24th, GoNoGo Oscillator burst through the zero line into positive territory.
This price action was enough to cause the GoNoGo Trend indicator to fall out of “NoGo” colors. We saw amber “Go FIsh” bars creep in and then some aqua “Go” bars. Now, GoNoGo Oscillator appears to have found support at zero confirming the strength we are seeing in price. GoNoGo Trend is painting a strong blue “Go” bar. We see a Go Trend Continuation green circle under the price bar indicating that momentum has returned in the direction of the “Go” trend. With momentum on its side, we will look to see if price can break the resistance at the horizontal neckline and if it does it would complete a traditional head and shoulders reversal pattern.