Hello traders, continuing the trading week with yet another Cryptocurrency analysis.
Here we have DGB/BTC on the 4H chart.
DGB/BTC has been trading within structure since an up move paused around the 23rd of December.. Price has been trading within a structure, with an side-wards upper resistance at current day levels at 0.000504, and this level is clearly pushing price action to make lower lows.
Price has been testing the sideways resistance zone consistently since December, and has been testing a horizontal support structure since the same time. When price tests the horizontal support zone at 0.000408, it bounces to the upside, before hitting the side-wards resistance before making a lower low and retesting the support.
I am expecting DigiByte to continue it's fall. I believe price may retest the side-wards resistance again, and then test horizontal support, eventually breaking the structure support and breaking down into the lower horizontal support zone at 0.00000260.
This trade could play out in 2 days, I have outlined these below:
-Price successfully retests the side-wards support level at around 0.00000600 level, before falling into the structure support zone, and having further upside test until price eventually loses all steam and collapses under structure horizontal support and going toward the target zone at 0.0000025. -Price immediately breaks lower now, breaks the horizontal structure support and goes to the target zone.
Bare in mind, that price could move a lot further than these 2 targets outlined above. The targets above are OBSTACLES for price action, and not necessarily where will price will ultimately stop in this short term uptrend
The more price tests the upper resistance and creates lower lows, the weaker the trend is confirmed to be. It could be a while before price plays out properly.
I will updating this analysis if it receives more than 40 likes.
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No active trade to take here. Price nicely broke the side-wards resistance level and went to the upside. I will update this analysis if I see a pullback offering more upside :)
Can't always get it right, and I'm man enough to say that we got this one wrong. But no matter, no trade ever took place and it washy forecast only that failed. :)
Will update when applicable.
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BRAND NEW analysis posted regarding BTC/USD on my TradingView page !
Check it out now !
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Brand new analysis has been posted on this pair... See my TradingView profile page for the new trade plan!
""" Bare in mind, that price could move a lot further than these 2 targets outlined above. The targets above are OBSTACLES for price action, and not necessarily where will price will ultimately stop in this short term uptrend"""
cupfish
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@TomProTrader, ugh, should've listened to my instincts. I sold at the trendline and had to sleep so couldn't buy the break out. oh well.