Technical Analysis - Constellation
DAG/BTC - 03/11/2020
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As shown above, we will be updating the technical analysis of DAG/BTC from the 25th of February.
Since the last update, nothing extraordinary has happened. We expected a rise form the green key area following an MKAST Buy-Condition. This rise has arrived but is not very convincing. The somewhat unlikely elaboration of a head and shoulders pattern was mentioned and currently (still premature) seems to be setting up and slowly turning that way.
The bounce from the key-area and the rising red support has not been very convincing yet. We would have to see a continuation of this rise and honestly a strong bullish engulfing to invalidate the possibly bearish set-up. The most bothering point is the TJ-Index being at 12out of 15 points, which marks an overbought condition. Now, this would not be bad in a regular, usually rising case since most impulse moves happen in overbought or oversold conditions. Yet, this case is a wiggle and as quibble of a rise, while the TJ-Index is already starting to point downwards. All in all, DAG is showing some signs of weakness and could possibly complete the Head and Shoulders pattern. Only a strong bullish engulfing can save it from the doom this pattern could potentially bring.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!