DigiByte (DGB) is a rapidly growing three year old decentralized global blockchain with a focus on cyber security, payments & secure communications. For more info click link below
(source: https://digibyte.co/about-digibyte)
DGB is in correction mode for last many days. It hit the high of 2k Satoshi on 03/06/2017 and since then its on downward spiral.If you take note of chart below you can easily see this down spiral. I also want to you take note of few things on chart :-
Firstly, I want to you to take note of trendline both Rising trendline as well as falling trendline and Horizontal red line marked as Support 1. Three of these are making triangle shape in chart below and I have highlighted that area in for clear reference. In this area, I want you to notice a movement of trading activity and formation of candles. Movement in last few days is in very tight range, though it is descending but conviction is clearly missing in this downmove, this i am saying after looking at volume. They are clearly very low and are showing weaker hand of bears now.
Secondly, I want you to notice a 10 Day EMA and 50 Days EMA which are blue and red wavy lines on chart below. Prices of DGB are continously trading below its 10 Days ema (blue wavy line) but finding very good support at 955 Satoshi also marked as Support 1. This support is also above 50 days EMA which in result providing very good SUPPORT ZONE to DGB prices
Thirdly I want to take note of Retracement area marked on chart below. Digibyte at this point have retraced nearly 63% of its upmove which started from 110 Satoshi to 2600 Satoshi. Currently DGB is trading at 1040 Satoshi and 61% retracement level is at 1082 Satoshi. This 62% level is consider as very important in FIBONACCI RETRACEMENT because usually after hitting this level script tend to reverse its course. But DGB is trading below this 61% level today, so if it close above this level and this move may consider as very good buying opportunity.
Lastly,Relative Strength Index(RSI) at bottom of chart is also at its support level. If DGB held this support then reversal in trend which is down currently can be reversed to up.
In conclusion, I am inclined to view that correction in DGB is about to get over. Soon, we can see its price trading in positive terriotory. It may find resistance in its course marked as Resistance 1 and Resitance Zone but both these are of future importance. So first step for DGB is to trade above 1082 Satoshi, until then we should wait to enter in this script to take long position.
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Great Analysis! Keep going on DGB update I'll follow you!
Thanks buddy! may god bless you!!!
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i will definitely consider investing on that
i bought it at 1232 Santhosi and still holding it..hope there will be a bull..
Never trade on hope, markets are very rational. , don't care about sentiment of their trader and investors.
Just follow charts and trade accordingly
Great post. Advice like this is why I check in every day.
Thanks buddy, for a nice comment and words of encouragement!!!
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Good to hear. I've been buying them up and up everyday that I've seen them drop. Now just to sit back and wait for the rise!!!