$COIN has been in a “NoGo” trend since mid August.
However, since that time price has not lost too much ground. Since the Go Countertrend Correction Icon (red arrow) at the mid July high, we have seen price fall as GoNoGo Trend painted a string of weaker aqua bars. Once GoNoGo Oscillator broke out of a Max GoNoGo Squeeze into negative territory we knew a move into a “NoGo” was likely. Since entering the “NoGo”, price has moved mostly sideways and for the last several weeks GoNoGo Oscillator has been stuck at the zero line. This represents a tug of war between buyers and sellers as there is no directional momentum. Volume has increased showing strong market participation as the Squeeze continues and so it will be telling in which direction the GoNoGo Squeeze is broken. A move back into negative territory would suggest momentum is on the side of the “NoGo” and new lows forthcoming. A break into positive territory however, would indicate that the “NoGo” is in trouble and we will look for price to move higher and potentially reverse trend.
