DNT just hit it's all time low in 2019, What comes next?(DNTBTC)
As you can see, after the bull-run of bitcoin most of the altcoins just shown a steep downtrend, as DNT did. Because of the increase of BTC price and the coin being oversold after a huge volume and increase it reached its all time low in 2019.
By checking the candlesticks, between 10 April and 14 April it is clearly visible that a double bottom pattern is formed, which followed by a steep uptrend. Since that pattern is a bullish reversal pattern, we can say in med or long term an uptrend comes again.
Today an other double bottom pattern formed, which looks promising, since DNT hit it's all time low in 2019, and it looks like around 272sat it has a strong support, when price just bounced back from that level.
On April 25 there was a rapid pump and dump which did not reach the 0.5 Fibonacci level, that also indicated the drop-back in prices. DNT still needs time for the further uptrend. On 1h timeframe we are at the MA50 level, also MA50 over MA150 on 1D frame, which looks promising. DNT must pass 0.5 Fibonacci level with a strong candle, otherwise it won't pass the above levels, or just reach the 0.618 resistance level and bounce back right after.
It is not a trading advice, it is just a short analysis of the candlesticks and using Fibonacci retracement as an additional tool to analyse the current situation of this altcoin.
By checking the candlesticks, between 10 April and 14 April it is clearly visible that a double bottom pattern is formed, which followed by a steep uptrend. Since that pattern is a bullish reversal pattern, we can say in med or long term an uptrend comes again.
Today an other double bottom pattern formed, which looks promising, since DNT hit it's all time low in 2019, and it looks like around 272sat it has a strong support, when price just bounced back from that level.
On April 25 there was a rapid pump and dump which did not reach the 0.5 Fibonacci level, that also indicated the drop-back in prices. DNT still needs time for the further uptrend. On 1h timeframe we are at the MA50 level, also MA50 over MA150 on 1D frame, which looks promising. DNT must pass 0.5 Fibonacci level with a strong candle, otherwise it won't pass the above levels, or just reach the 0.618 resistance level and bounce back right after.
It is not a trading advice, it is just a short analysis of the candlesticks and using Fibonacci retracement as an additional tool to analyse the current situation of this altcoin.
Comment:
What do you guys think about this? Will that 272 support hold or not? If not we may see a downtrend again and coin may face it's all time low which is around 240 as I remember