Looking for Bitcoin re-entry!

24

February 2021

By

Alex Cole

Bitcoin has experienced a serious drop in value over the last few sessions.

As we can see on the daily GoNoGo chart, after hitting a high over $58000, the chart triggered a short term counter trend red arrow, which was followed then by the GoNoGo Trend showing weakness by painting paler aqua bars.  Price crashed quickly to under $45000 but stopped short of the support provided by prior resistance at the high of early January.

Price has recovered a little and is now trading around $50000 as the GoNoGo Oscillator has fallen to the zero line.  We know that if the trend is to continue the oscillator should find support at the zero line and rally into positive territory.  If it can do this, we would see a green trend continuation icon under the price.