My technical analysis on DigiByte and why i think the price will go up again. 👍 Thank You Very Much For Reading!
Will DigiByte price go back up or continues its way down or go sideways? I gave it today a try and did a technical analysis, my style. Only basics, no fancy indicators. This is what i've got:
Reason 1: Trendline
The price is supported through the major trendline. The trendline hasn’t been broken at 3 last touch points. Instead, the trendline seems to be so strong, that every time when DigiByte touched it or was close to touching it, the price got catapulted many X up. Based on the strength on the line I don't expect it to be broken yet. Maybe in the near future, after the price bounces back and forth several times throughout short period of time, maybe then. But not now.
Reason 2: Fib 61,8%
DigiByte did not break through Fib 61,8% level yet. which also seems to be a strong support level that stop DigiByte from a parabolic move in the 3rd May week. Sure, I need to wait for a re-test of the level. But if there was no strong trendline to support the bounce, I would have a reason to think that it might break through the 61,8% and continue to go down. But thanks to the double support level (trendline and 61,8%) and the fact that DigiByte takes Fib levels serious (see previous touchpoints), I have a reason to think that the price will bounce and go up.
Reason 3: W-Pattern
It looks like DigiByte is about to form a perfect W-pattern. Thanks to the double support (trendline and Fib) I really think the W-pattern will be fulfilled.
What is the destination?
Looking at the Fibonacci, the next big stop might be around 3500 Sat, maybe 4000 Sat. But who knows, right? It's DigiByte i am talking about here.
Well, as we all know, nothing is certain and no one can predict how the market will move. This are just mine thoughts on it. Last time I was caught off guard by DigiByte. See what happened in my YouTube video here:
Maybe this time DigiByte has also some tricks up its sleeve. I’ll see in a couple of weeks how my technical analyses turned out to be :)
Curious about other opinions on Digibyte. Lets hear your thoughts.
Cheers.
😃 Please Remember To Upvote & Follow!
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. I do not warrant the accuracy, correctness, or completeness of information in my analysis and therefore will not be liable for any loss incurred.