DGD corrected from one side of the pitchfork to the other.
It's moving fast. So this is what I am looking at. In already with 50%.
My trade last night in retrospect could have been better. My sell target was too ambitious given the amount of room left to grow in this pitchfork. It could have been a good scalp between 55 and 57, but nothing more. That being said the mid term outlook for this token is still good. The price action is still moving well within the pitchfork and we can expect it...
Of course, 2 possible options, but which one is correct ?... wait and see?
Bitcoin is about to cross downtrend line from $19k hence is about to long term trend reversal. There is reverse dependence between DGD and Bitcoin prices as we can notice in historical charts, which can be confirmed in current drop from impulse move of DGD. Drop below the high of wave 3 (0.044 BTC) should confirm ABC correction and should fall to at least 50% fibo...
Quick TA on DGD. As we can see the top resistance has been hit twice, on the second attempt RSI is much lower. With a lower high now in play. Its safe to assume we are heading down. DGD has performed extremely well when ever the market begins to show bearish signs. As you can see from the previous bull runs. Each Bull run is followed by a quick correction....
consolidating in new price range. could run up to 62-64.
This is NOT financial advice, just a rookie having some fun lol Good Luck!
If bounces it off support could be another small breakout.
Hi. I just saw this and stopped my trade. this may be a SHS forming. It would make sense since we ended up to a level to form a perfect bowl in the daily. Or will it be a cup? It's still possible that the bowl is not finished, though. But I think we will first go direction 41000 anyway.
560-570 should be a good sell zone. then wait before returning to median or bottom off pitchfork range to buy more. If it falls out of trading range then look for better entry as usual.
Risk too high for long term investments. DGD needs to use Fib levels to find support if it wants to go lateral. Currently in downtrend.
DigixDAO (DGDBTC) is usually inversely correlated with BTCUSD: whenever Bitcoin drops, DigixDAO tends to raise and whenever BTCUSD raises, DigixDAO tends to drop. However, doing the past few days, in spite of BTC raising, DigixDAO has been increasing in price, gaining a market capitalization of over $ 1 billion and reaching rank #26 on CoinMarketCap.com, a little...
We'll see how long this lasts. Some other DGDBTC charts that I really like (Be sure to click on them and hit play.):
Someone posted something similar, so I took a closer look. Earlier, I posted a daily version of the chart, this the hourly.
Someone posted something similar earlier, so I had to take a closer look.
could continue trend still. Nice short term reversal on bottom trend line. Red line is for stop loss in case price action falls out of range