paaax
Long

Cup and handle forming

POLONIEX:DGBBTC   DigiByte / Bitcoin
Hey everyone. Today I decided it's time to take a closer look on digibyte. We have seen a spike at the beginning of june due to the bad news and confusion around CitiT4IChallenge. To clear that one out, digibyte didn't lose the contest. The announcement in June was a side-contest. Laura Gaviria Halaby announced on twitter that there will be more announcements in July (https://twitter.com/LauraGaviriaH/status...).

So let's move on with the technical analysis . My thesis is, that we are witnessing a cup and handle formation forming. The formation started right after the huge spike at the beginning of June with high volume . Since then the price was below it's moving average (20) and the volume was decresing constantly. Right now it found a nice bottom (red zone) which shows a strong support. A cup and handle formation needs 7 to 65 weeks to complete, based on what the literature is telling us. So I took the current price development and projected it into the future. If I'm right then the formation will complete at the beginning of August, which then will be a timeframe of 8-9 weeks.
As you can see we have many indicators that hint to a possible cup and handle formation. Also, if you are interested in this coin, take a look at the great fundamentals it has. For me it's a great longterm investment.

Check out my twitter for more infomation around cryptocurrencies: https://twitter.com/paaax2k13
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