Bitcoin is in a “Go” trend but has once again struggled to break free of resistance found around $40,000.
As we can see after rallying off the most recent lows, the GoNoGo Trend indicator identified a new “Go” trend and yet price has not been able to get above prior high levels. The recent pullback over the last few bars has caused the GoNoGo Oscillator to fall to the zero line and we will look to see if it can find support there. Given that the trend is a “Go” we can suggest that to be likely. If the Oscillator finds support at the zero line then we will see a green low risk Go Trend Continuation icon appear under price. If it is unable to hold the zero line, that will be a concern for the health of the new “Go” trend.
