Whats next for Digibyte? 3 scenarios:

11 thg 5, 2020

Digibyte broke out of the long term descending triangle (in black) retested the downwards resistance line and became bullish, now what?

3 scenarios:

Green: Ultra Bullish.
Blue: medium bullish.
Red: A little bit bullish but later.

In the most bullish scenario painted in green, Digibyte will bounce of the green support line around 200 / 210 inside the green circle and make it’s way up to 0.00000314 resistance which seems to have played a role since 2017.
RSI has room to the upside and could potentially support this move.
(Remember Digibyte made a massive move and might need a breather to let the 200MA catchup, make risky trades smaller)

In a more moderate scenario painted in blue, Digibyte might fall back to the blue support line at 0.00000160, which seem to have bin significant all the way back till 2015, and then bounce off it to continue it’s uptrend.
This move might meet with the 200MA on the 4h to form support for the uptrend.

The slow grind scenario would be the one painted in red.
If we lose the support of the green uptrend, as well as the blue age old support line and the 200MA we might bounce of the red uptrend line that originated from the capitulation within the black triangle and the retest of the black resistance line of the triangle.

Keep an eye on these areas and plan your trades wisely.
Make riskier trades a lot smaller, or don’t trade risky trades at all.
Remember these are my personal charts and not financial advice in any way shape or form.
You are responsible for your own actions.

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Always use stop loss and have a plan for each scenario and don’t forget about money management.

Thanks!

12 thg 5, 2020

Ghi chú

Perfect bounce of the green bullish support line.

Don’t forget to raise Stop-Loss to above break even point.
Take profits at resistances.

Good luck!