Chameleon indicators paint short-term bearish picture for bitcoin

After highs just shy of 20,000 on Dec. 17, bitcoin has turned bearish, and the Chameleon depicts this move lower with predominantly red price bars. The Chameleon Oscillator in the lower panel gave warning of this trend change when it significantly broke below the zero line about 2 p.m. Sunday. During the 3 o'clock hour Tuesday, we saw the oscillator finding resistance at the zero line. If it is turned away again, look for continued bearish red price action in the upper panel. Only an oscillator break above zero would suggest a pause in the decline. Chameleon Studies were created by Alex Cole - Technical Analysis and product specialist at Bloomberg