Technical Analysis - DigiByte
DGB/BTC - 03/30/2020
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As shown above, we will be updating the technical analysis of DGB/BTC form the 3rd of March.
DGB/BTC has made some remarkable moves since the last update. Obviously, it has broken down significantly from the key-area of support while everything was breaking down. Right now, we have seen a bug and strong bullish engulfing after a slight bullish divergence in this descending channel. DGB has reached downtrend resistance right now and really has to show some real strength to reverse this downtrend.
The MKAST Algorithm has signaled a Sell-Signal at the breakdown of the key-area of support. This Sell is still ongoing and has low chances of reversing if DGB is not able to close back above the previous key-are of support. Although the TJ-index is turning upwards slowly and could indicate a reversal, an experienced trader would wait for an explicit confirmation of the MKAST Algorithm or look for strong bullish engulfing, which would close above the key-area of support and the downtrend resistance.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!