WhaleAgents

Digibyte fails to close above the 200 DMA

BITTREX:DGBBTC   DigiByte / Bitcoin
DigiByte is currently rebounding after breaking the triangle for the second part. The first break resulted in the price returning to inside part of the triangle, testing the upper resistance line, ultimately failing and returning to the downside, but now with a more substantial break. As the price has consolidated below the triangle now, the opportunity may be found in a re-test of the broken triangle support trend line, now as a resistance. In the majority of cases, the price re-tests the broken trend line, rotates and continues in the direction of the break. If this is the case here, look for new swing lows. On the downside, watch out for two important support zones - 1) 61.8% Fibonacci support couples with the horizontal support and 2) 78.6% Fibo coupled with the horizontal support as well. Both support zones can be seen as trading opportunities. On the upside, the triangle support zone is still a valid resistance but now coupled with the 100 DMA as well. It is important to note that the price action broke the 200 DMA yesterday, closed below it and it is now testing it in the form of a resistance.

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