Technical Analysis - DigiByte
DGB/BTC - 03/04/2020
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As shown above, we will be updating the technical status of DGB/BTC from the 12 of February.
Since the last update, DGB has not made great moves. It does seem like it is ready to make one more small move downwards to really extend that slingshot to its maximum potential. Just recently, we got rejected at the downtrend resistance and are now approaching to make a new ATL of this snapshot.
Starting with the exciting development of the MKAST-Algorithm. This is a yellow, early warning sign, saying if the candle closes like this, we will get a sell-signal. This would further add to our slightly locally bearish bias of DGB, making one more leg downwards, to create significant divergence and fulfill this market structure. The TJ-Index is complimentary of the above, moving down as we speak. The volume is quite impressive, though. Here we see low or rather insignificant volume (below the volume MA). This indicates that the recent downwards movement is taking more the signs of a retrace instead of a new or strong downtrend. The somewhat lacking sell-volume compliments our general (not local) bullish bias for DGB/BTC. Furthermore, it opens a possibility for this being just a deviation from the mean or an attempt of breaking the HTF horizontal support, which would then bring us sooner than later to a re-test of the downtrend resistance again. An experienced trader would look for entries at the divergent support line or at a clean break of the downtrend resistance.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!