We haven’t really talked about Digibyte a lot, but this is an OG token (created before 2017). Thus, it deserves its just due and respect in being covered by us.
As one can see in the chart above, it appears that
DGB could be poised for a price run, however, there is no guarantee.
Similar to the other coins that we have covered today (November 10th, 2018), the price ofDGB is riding on a support at the current moment. So, if it falls through, then the losses could be substantial.
If we look back at the chart over time though, it does appear as though the resistance point thatDGB is currently hanging against is fairly substantial.
Downtrend Line
The downtrend line forDGB goes all the way back to January 2018, which makes it really well-established.
However, the support line goes back even further, so we have recent to remain optimistic that it will hold in this scenario as well. Although, we won’t gamble on it because a sudden fall below the support line (and it has happened this year), would probably occur with price action that is moving so fast that a S/L may not be triggered fully (depends on the exchange + liquidity) before the price falls below the S/L point.
Therefore, we’re going to look at some cautious trading strategies on this one.
Potential Inverse BARR (Bump and Run Pattern)
As you can see in the chart above, the price action appears to be showing us a reverse BARR pattern.
Now, there’s a solid chance that this price action does not fulfill itself 100% for the DGB / BTC pairing, but it coming anywhere close would definitely be a major gift for Digibyte bulls.
In theory, this represents the potential gains that one could receive form the Inverse BARR
Bulls shouldn’t get too happy yet, and here’s why..
Taking a Look at the Fibonacci Levels
Since there is a wealth of price data forDGB (remember this is an OG coin), we decided to draw the top of the Fib from the most recent localized high, which occurred in early January 2018.
The low for this indicator was drawn to 250 satoshis.
Here’s a graphic to show you exactly what we did:
As you can see in the chart above, it looks as though the price may have actually broken below the 78.6% retracement zone for the Fib (which would not be good for those that are anticipating bullish price action in the near future).
Let’s scroll in and take a better look at what’s going on:
Zerononcense Reversion Ribbon V2
The dark red candles are not a good sign on the reversion ribbon V2.
This indicates that the price could eventually make that nudge below the established support point that we pointed to at the beginning of this price analysis.
If that does happen, then once again, bulls could be in some serious trouble.
Relative Strength Index(14)
Again, what’s written on the chart above is pretty self-explanatory for the most part.
Conclusion
There’s not really much for us to do withDGB #Digibyte for the time being except for wait (like one must do with a lot of other cryptocurrencies in the market currently).
If there’s a bounce, then it would definitely be worth placing a solid investment in the project.
If not, however, then that -20%+ loss would become more of a reality.
As one can see in the chart above, it appears that
DGB could be poised for a price run, however, there is no guarantee.Similar to the other coins that we have covered today (November 10th, 2018), the price of
DGB is riding on a support at the current moment. So, if it falls through, then the losses could be substantial.If we look back at the chart over time though, it does appear as though the resistance point that
DGB is currently hanging against is fairly substantial.Downtrend Line
The downtrend line for
DGB goes all the way back to January 2018, which makes it really well-established.However, the support line goes back even further, so we have recent to remain optimistic that it will hold in this scenario as well. Although, we won’t gamble on it because a sudden fall below the support line (and it has happened this year), would probably occur with price action that is moving so fast that a S/L may not be triggered fully (depends on the exchange + liquidity) before the price falls below the S/L point.
Therefore, we’re going to look at some cautious trading strategies on this one.
Potential Inverse BARR (Bump and Run Pattern)
As you can see in the chart above, the price action appears to be showing us a reverse BARR pattern.
Now, there’s a solid chance that this price action does not fulfill itself 100% for the DGB / BTC pairing, but it coming anywhere close would definitely be a major gift for Digibyte bulls.
In theory, this represents the potential gains that one could receive form the Inverse BARR
Bulls shouldn’t get too happy yet, and here’s why..
Taking a Look at the Fibonacci Levels
Since there is a wealth of price data for
DGB (remember this is an OG coin), we decided to draw the top of the Fib from the most recent localized high, which occurred in early January 2018.The low for this indicator was drawn to 250 satoshis.
Here’s a graphic to show you exactly what we did:
As you can see in the chart above, it looks as though the price may have actually broken below the 78.6% retracement zone for the Fib (which would not be good for those that are anticipating bullish price action in the near future).
Let’s scroll in and take a better look at what’s going on:
Zerononcense Reversion Ribbon V2
The dark red candles are not a good sign on the reversion ribbon V2.
This indicates that the price could eventually make that nudge below the established support point that we pointed to at the beginning of this price analysis.
If that does happen, then once again, bulls could be in some serious trouble.
Relative Strength Index(14)
Again, what’s written on the chart above is pretty self-explanatory for the most part.
Conclusion
There’s not really much for us to do with
DGB #Digibyte for the time being except for wait (like one must do with a lot of other cryptocurrencies in the market currently).If there’s a bounce, then it would definitely be worth placing a solid investment in the project.
If not, however, then that -20%+ loss would become more of a reality.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.