Almost sounds like a magic quest for a treasure to be found. The obstacles to overcome is the poor volume in the overal market at the moment, there is a lack of confidence in the current crypto market in general.
Slowly but steadly we are following the wedge to meet the magical .618 of the previous all time high. The two double bottoms and a possible cup & handle forming could result in a even bigger Quest to meet the .5 level at around 8 cents. The centiment & the volume have to increase in order to follow to road to 64% possible gain of the C&H pattern. Still staying sceptical at the moment, Digibyte seems to follow the big daddy Bitcoin. If this a bull run in bitcoin to meet possibly 8K I could see this quest for 8 cents getting a better chance of succes. If we are ending up in a down trend, the C&H pattern is not confirmed and it is brace for impact to meet possibly the black line again.
Feel free to comment, this being my first attempt publishing here on Tradingview.com
Cheers!
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The first obstacle to overcome in our Quest is the black line of heavy resistance 0.046. A first attempt to break it has failed, with a second attempt currently inprogress we have to fear that the quest for .618 could fail and end up in a down trend to 0.038
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The epic battle at 0.046 is still not over yet, first we balanced on the 40 MA to back us up, but that line of defense has been breached! We are holding on the 200 MA to give us support. There is a small down trend visible at the moment, we are clearly seeing the effect of big daddy bitcoin finding/fighting support at 8300/8400.
I can see it going to 7 cents very soon, then retracing back down to 6 cents, which will be the new low for a while. Then it will go to 9.5 cents sometime between Saturday & Monday. DGB is on its way to becoming a top 15 coin!!!
markcantpark
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@Krypto-Kid, we are on the same page! I hope 9.5 cents is correct, but it will result in a lot of profit taking.
Krypto-Kid
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@markcantpark, Profit taking - yes, and that's where I plan to sell too. I believe we can buy back in when it retraces back to 6 cents. I should tell you, though, that I'm not very knowledgeable in TA. I study the cycles and patterns instead. As you are probably aware, each crypto has its own pattern it likes to follow. Anyway, so far I've been spot on with DGB, so I'm hoping to keep it going. Cheers
markcantpark
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@Krypto-Kid, Lets see... so far the support is lacking and we are finding support on the ascending triangle...
Krypto-Kid
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@markcantpark, Yep, we need more volume, because it's getting ready to go again. It's so slow. It looks like I should adjust my timing. At this rate, we probably won't reach 9.5 cents until the end of next week.
markcantpark
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@Krypto-Kid, I highly doubt we will reach 9,5 cent over the next week. It looks more as if we get a new buy-the-dip chance to get more DGB. Check out my new published chart.