Digibyte at the crossroads DGB/BTC

2018年5月21日

Digibyte DGB/BTC has completed a wave 4 correction via a complex wxy pattern after failing to break above 500 sats . for over two weeks it has been caught in a negative downward median line set unable to break out due to a collapse in BTC price. However the extended length of time spent at this upper level and large consolidation is a positive sign that price has found a potential platform to move up from.

BTC is in the process of a producing a horizontal basing zone and therefore DGB has potentially started the 5th wave therefore DGB/BTC is now at a crucial moment.

A major resistance line has been broken and is now potentially acting as support. A return below this line is a sign of major weakness.

A minor resistance line in pink is yet to be tested and a retest of this line should it be broken may provide an entry point.

However failure to make it out of the downtrend line sets a move fundamentally driven by BTC price action may see a failed wave 5 and a return to the 300 sat range.

Due to it's explosive history there might be an extended wave 5 beyond the target area of around 570 sats.

However this depends fundamentally on BTC price action.

A break of the lower parallel line signals further downside and a return to FIAT may be the safest bet while BTC continues to correct.

2018年5月25日

交易進行

DGBBTC Binance appears to be printing a tightening coil commonly referred to as a bull flag on the 4hr. Price is tightening up between the minor pink resistance line and the major historical resistance line.

Volume is dropping off suggesting that a major move is imminent which is also supported by the RSI tightening.

Coils normally suggest continuation however given the weakness of BTCUSD it is also possible that a break to the downside may occur.

Confirmation of an upside break would happen in two phases firstly price must break though offset upper parallel line formed from the downward median line set followed by a break of the previous high.

For educational purposes one might take a position with a stop under the lower green line in case of an upward break or trade a break out once price moves through the upper parallel line. Perhaps entering on a retest of that line if possible due to the explosive nature of DGBBTC.

2018年5月25日

註釋

Price has continued to tighten through the day and the last 24hr's has seen only 6 sats difference in the close of the price bars. The MACD is very close to potentially turning bullish on the 4hr and volume has continued to drop. RSI has continued to tighten. On the down side the 4hr has seen a crossover of the 200ma and 50ma to bearish - however the daily is still bullish.

2018年5月29日

交易進行

It's been a tough week for cryptos with BTC continuing to find a base from which to mount a relief rally. DGB has held well however a sell off appeared to commence on Monday breaking through the bullish flag with buyers slowly drifting off and sellers taking control.

The 4hr hour has seen a rejection of a major bar and now price is tempting to find support at 430.

The daily chart now shows price has stepped below the 50ma and with buying action weak is being rejected by it. DGB history tells us that when the 50ma is broken it often leads to a further drop in price however currently the price action has stalled.

The frequency set in blue has been modified to take into account latest price action - if an entry has not already been made the action is still neutral as it is only 19% from the high - however a break of the lower parallel line at approx 372 sats would be a major red flag - recapturing of the 50ma would be a good sign.

2018年5月29日

註釋

Additionally DGB tends to historically rally when RSI hits the 30 level.

2018年5月29日

註釋

Price has broken the local downtrend line and is trading above the 50ma - it needs to stay above 440 sats in order to sustain a move that might break out through the upper resistance lines.

2018年5月30日

交易進行

A Neutral look at price action.

Based on price action which has tightened up and has not had major negative movements in relation to other alts only dropping roughly 17% since BTC's pull back it's possible DGB is starting to base out at a new level.

2018年5月30日

註釋

A note on the neutral line set is that it has a slightly downward pitch however price seems to have responded to the frequency.

2018年6月4日

註釋

DGB continues to be pressured under the 467 sats resistance zone - having failed to breakthrough out in its last attempt - support is found both on the pink uptrend line and the neutral price frequency set. On the positive side price seems to be supported well at 426 sats - however sellers have clearly engaged downward pressure. Targets named above still exist if a breakout and confirmation of the negative price frequency in red can be achieved.