Neckline still resistance for now. May need a slight correction before confirming a breakout above it. Definitely one to keep an eye on.
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1 day 200ma acting as resistance at the moment but it looks like digibyte is already well on its way to the double bottom target. I doubt the 200ma remains resistance for long.
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Just like that target has been hit! That was a fast one!
@FrostyPog, often times after hitting a target, a correction will take you back to the previous resistance during the correction. In this case the previous correction was the neckline of the double bottom. At the current moment it is difficult to say if we will see further downside before the correction is over.
DrDovetail
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@FrostyPog, by the way it could be trying to form an even bigger double bottom here which means 15 cents is now possible. That will definitely be a full correction instead of a slight one if it happens..but now that we’ve been below th double bottom neckline for almost 7 candles we have to entertain the possibility. Of course it may just be that the more appropriate time frame to be charting the current patterns on for dgb is the weekly chart which if so we haven;’t lost the enckline as the weekly support just yet.
JohnTanagho
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Target hit! Beautiful!
JohnTanagho
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Thank you. What’s the long term target?
DrDovetail
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@JohnTanagho, Not sure yet. Only charting this specific pattern for now, until the next one emerges.