This sort of goes along with the feel of my earlier Digibyte analysis...(Which by the way is an awesome coin, with a lot of potential technically and fundamentally. See my old analysis for details.)
1. Tip For Investing In Cryptocurrencies
Before I get started on my analysis, here is a tip...
Keep a clear head while investing/trading in crypto. Don't shout moon or doom and don't get trapped in the echo chambers of Trading View, Reddit, Twitter, etc. Pull your head out every now and again. Zoom out. Keep yourself calm and collected. Control your emotions. Trade what you are seeing in the charts, not what you are feeling in your heart.
2. The Analysis
Ask yourself an important question first and foremost. Do you really believe that Bitcoin could provide a global storehouse of wealth for the entire world to come over the next several years? If your answer to that is yes, then rest assured that the price trajectory for Bitcoin is up. (If your answer is no, then you are probably looking for further opportunities to short, the time for which has already passed in my opinion until possibly the end of summer.)
So, to get to the point, this is what I see...
I see Bitcoin potentially forming a cup and handle right now. The finishing of the cup would provide a triple top for Bitcoin around 11,200 - 11,400. At that point, I believe Bitcoin won't be able to make it through in one push, and will correct slightly to form the handle of the cup (and test the support currently building around 9k) before trying again for that top, where it will ultimately break through. Taking into consideration the height of the cup (basin to the top) and placing that height into the basin of the handle, the total length would eventually take Bitcoin to roughly 14k. Here at this point I think a lot of sellers will come out of the woodwork to take profits to pay taxes for the extensions they filed which are due in October (15th), as well as those who had bad entries earlier in Bitcoin just trying to break even as they now fear from this past brutal correction that this is a potential bubble and do not ultimately believe in the technology.
This correction could last through the end of the summer and into the fall, and depending on the severity of panic (people again doubting their investment and believing Bitcoin is on its way back to 3k for sure this time) could test the 1st or 2nd trend line. My primary count would be a correction to the 1st trend line, but again, taking into account the amount of FUD that currently exists in this market, I would not be surprised or even flinch at seeing it test the 2nd one after a brief bounce off the 1st. Ultimately, my trading plan for the year sees Bitcoin returning to all time highs, if at very least testing close to it. Of course, do your own research, try charting your own course. These are just my own personal thoughts and interpretations from what I am currently seeing in the charts. Take them with for what they are worth and take them with a grain of salt.
3. What Does This Mean For Digibyte?
Taking into consideration my previous analysis and the conservative approach to the satoshi value of Digibyte mid-summer, let's assume that Digibyte does reach ~960 and that Bitcoin reaches 14k. That would put Digibyte roughly around .12-.14, near or close to its all time high. For those who found entries around .02 - .04, I would seriously consider taking profits above .10.
That's it and good luck!
1. Tip For Investing In Cryptocurrencies
Before I get started on my analysis, here is a tip...
Keep a clear head while investing/trading in crypto. Don't shout moon or doom and don't get trapped in the echo chambers of Trading View, Reddit, Twitter, etc. Pull your head out every now and again. Zoom out. Keep yourself calm and collected. Control your emotions. Trade what you are seeing in the charts, not what you are feeling in your heart.
2. The Analysis
Ask yourself an important question first and foremost. Do you really believe that Bitcoin could provide a global storehouse of wealth for the entire world to come over the next several years? If your answer to that is yes, then rest assured that the price trajectory for Bitcoin is up. (If your answer is no, then you are probably looking for further opportunities to short, the time for which has already passed in my opinion until possibly the end of summer.)
So, to get to the point, this is what I see...
I see Bitcoin potentially forming a cup and handle right now. The finishing of the cup would provide a triple top for Bitcoin around 11,200 - 11,400. At that point, I believe Bitcoin won't be able to make it through in one push, and will correct slightly to form the handle of the cup (and test the support currently building around 9k) before trying again for that top, where it will ultimately break through. Taking into consideration the height of the cup (basin to the top) and placing that height into the basin of the handle, the total length would eventually take Bitcoin to roughly 14k. Here at this point I think a lot of sellers will come out of the woodwork to take profits to pay taxes for the extensions they filed which are due in October (15th), as well as those who had bad entries earlier in Bitcoin just trying to break even as they now fear from this past brutal correction that this is a potential bubble and do not ultimately believe in the technology.
This correction could last through the end of the summer and into the fall, and depending on the severity of panic (people again doubting their investment and believing Bitcoin is on its way back to 3k for sure this time) could test the 1st or 2nd trend line. My primary count would be a correction to the 1st trend line, but again, taking into account the amount of FUD that currently exists in this market, I would not be surprised or even flinch at seeing it test the 2nd one after a brief bounce off the 1st. Ultimately, my trading plan for the year sees Bitcoin returning to all time highs, if at very least testing close to it. Of course, do your own research, try charting your own course. These are just my own personal thoughts and interpretations from what I am currently seeing in the charts. Take them with for what they are worth and take them with a grain of salt.
3. What Does This Mean For Digibyte?
Taking into consideration my previous analysis and the conservative approach to the satoshi value of Digibyte mid-summer, let's assume that Digibyte does reach ~960 and that Bitcoin reaches 14k. That would put Digibyte roughly around .12-.14, near or close to its all time high. For those who found entries around .02 - .04, I would seriously consider taking profits above .10.
That's it and good luck!
