nicostran

DGD Idea - 2nd try, this time using trend analysis

BINANCE:DGDBTC   DigixDAO / Bitcoin
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Here, I did my best to draw the trend lines for DigixDAO, and came up with 2 possible structures.

First, there could be a large Descending Triangle (potentially bearish ) forming, with price is testing the support line at the bottom of the triangle.

But there is also a Downwards channel that I have identified, with 3 false breakouts that I circled. Using this structure, a bounce to retest the top of the channel may also be in order. Since the channel is going downwards, a break below it is more likely than a break up.

Lastly, the price of bitcoin seems to have a significant impact on the price of this coin. Sometimes it is helpful to use the DAO to hedge against bitcoin . But last time bitcoin's price dropped, so did DigixDao's. This time may be different... we shall see :)

***Definitely not trading advice***
Trade active: Nothing interesting so far, if you are still in this coin I would continue your trade.
Price has been hovering around the lower support/resistance line for a while.
This could later prove to be the bottom, and we rocket upwards to 34k and then 38k
Or Digix could simply break lower to the next support, which I think is less likely.
I would place stops around 28k sats
Comment: DGD honestly looks pretty good right now though. RSI is low, and a spring may have been formed (albeit not a very strong one).
Those looking for an entry should enter if / when we break 31k sats.
Tip: You can set alarms on Tradingview to notify of price changes
Comment: Now is a good entry. Price starting to bubble up and volume steadily coming in
Hmmm, I do not see any evidence, that 0.031 sats meens anything to DGD.
As far as I can see, there was support around 0.034 sats, where we went straight through.
+1 Reply
@Mac_K, I can see that point. It was only based off that 1 dip and it seemed like a resistance point in the last up-move. Probably should have used a Fibonacci retracement there instead.
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Mac_K nicostran
@nicostran - Don`t get me wrong. I`m just a newbie passing through that tries to apply simple TA-mechanisms. I didn`t dig into Fibo so far, so, what would`ve been the outcome with Fibo? Can you put on a updated chart that can visualice that? Thx for the input!
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