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DGBBTC a sleeping giant is waking up

Long
BITTREX:DGBBTC   DigiByte / Bitcoin
Hey friends hope you are well and welcome to the new update on DigiByte. In my previous article, we have seen that the DGB was moving in a pennant and it was just reached at the resistance of this pattern and was likely to move down.

Now if we watch on the live daily chart then price action has moved down and reached the support and being consolidated at this level.

I have also placed the volume profile on the complete price action moving within this pennant . That is showing the trader's interest up to 0.00000236 btc . That is below the resistance but if you watch the moon phase indicator then the new full moon is a appeared at a very high altitude that is showing that the price action can reach up to that level. Therefore we have two different indications by two indicators.



Bill William alligator indicator has given a sell signal:

If we take a look at Bill William’s alligator indicator on the daily chart . Then the smallest time period moving average with the time period of 5 moved below all the moving averages and the biggest time period moving average with the time period of 13 has moved above all MAs. This is a sell signal but we cannot consider this signal as true unless the price action will not break down the support of the pennant that has been formed on the daily chart .



The alligator mouth of SMAs is bullish:

Now if we look at the different simple moving averages on the daily chart with the time period of 25, 50, 100, and 200. Then the price action is at the support of 25 simple moving average . And the smallest time period moving average is above all then we have the bigger one then 100 SMA and then biggest time period moving average that is 200 below all SMA's. So this is another opened alligator mouth formation by the simple moving averages that is a strong bullish signal.




The SMAs on long term chart and pivot points:

Now if we switch to the long-term weekly chart. Then it can be easily observed that the price action has strong resistance of 200 simple moving average and the support of 100 simple moving average . But if we watch below the 100 SMA then 25 and 50 simple moving averages are moving up to form a bull cross with 100 simple moving average . And this bull cross can lead the priceline to break out the 200 SMA . And we also have the new pivot point above the 200 simple moving average . Therefore there are strong chances that the price action will be moved up to this pivot point .




Big bearish Shark formation:

Now I would like to draw your attention towards it very big expected bearish Shark pattern that I posted last year. After entering in the potential reversal zone the priceline of DGB is geared up and so far it has produced more than 450% bullish rally.


As per Fibonacci sequence of the bearish Shark I have defined the buying and sell targets as below:

Buy between: 0.00000168 to 0.00000001 btc

Sell targets:

Secure sell targets:
Sell between: 0.00000338 to 0.00000694 btc


Aggressive targets:
Sell between: 0.00000808 to 0.00000969 btc


Even though the PRZ goes up to 0.00000001 btc but the priceline found strong support at 0.00000050 btc . Therefore the PRZ goes upto this level max.



Conclusion:

On the daily chart , the price action is at the end of the pennant and the pattern is getting squeezed. Therefore it is a decision-making time for the priceline of DGB to break down or break out this pattern. And the further upward move depends on breaking out from the pennant .



Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.