Technical Analysis - Constellation
DAG/BTC - 04/27/2020
As shown above, we will be updating the technical analysis of DAG/BTC form the 11th March 2020.
DAG has been holding up nicely compared to the possible head and shoulders we have pointed out last time. We have broken down the key area of support but came back directly after with a strong and reliable move to the upside. Currently, sitting above the supposed head and shoulders neckline, we are approaching the resistance above, which could possibly make a powerful move to the upside if broken.
Looking at the MKAST Algorithm, we have a strong buy signal from the moment we have re-entered the key-area of support, which is highlighted in the green box. The TJ-Index is just as well turning up nicely and providing bullish confluence during the break and rise of the price. Yet, it is already at 12 points and slowly turning, which is something to be noted and not ignored. The chances are high that a bearish divergence will be formed soon, and while hitting the overhead resistance, it will have the highest weight to it, which would then cause the price to re-test the key-area of support. Not to mention that such a re-test would be a very healthy and steady move to be looking and achieving. An experienced trader would be looking for trades at exactly that mentioned key-area of support.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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