Here, I did my best to draw the trend lines for DigixDAO, and came up with 2 possible structures.
First, there could be a large Descending Triangle (potentially bearish) forming, with price is testing the support line at the bottom of the triangle.
But there is also a Downwards channel that I have identified, with 3 false breakouts that I circled. Using this structure, a bounce to retest the top of the channel may also be in order. Since the channel is going downwards, a break below it is more likely than a break up.
Lastly, the price of bitcoin seems to have a significant impact on the price of this coin. Sometimes it is helpful to use the DAO to hedge against bitcoin. But last time bitcoin's price dropped, so did DigixDao's. This time may be different... we shall see :)
***Definitely not trading advice***
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Nothing interesting so far, if you are still in this coin I would continue your trade. Price has been hovering around the lower support/resistance line for a while. This could later prove to be the bottom, and we rocket upwards to 34k and then 38k Or Digix could simply break lower to the next support, which I think is less likely. I would place stops around 28k sats
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DGD honestly looks pretty good right now though. RSI is low, and a spring may have been formed (albeit not a very strong one). Those looking for an entry should enter if / when we break 31k sats. Tip: You can set alarms on Tradingview to notify of price changes
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Now is a good entry. Price starting to bubble up and volume steadily coming in
Hmmm, I do not see any evidence, that 0.031 sats meens anything to DGD.
As far as I can see, there was support around 0.034 sats, where we went straight through.
darth_bitcoin
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@Mac_K, I can see that point. It was only based off that 1 dip and it seemed like a resistance point in the last up-move. Probably should have used a Fibonacci retracement there instead.
Mac_K
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@nicostran - Don`t get me wrong. I`m just a newbie passing through that tries to apply simple TA-mechanisms. I didn`t dig into Fibo so far, so, what would`ve been the outcome with Fibo? Can you put on a updated chart that can visualice that? Thx for the input!
As far as I can see, there was support around 0.034 sats, where we went straight through.