Digibyte broke out of the Downtrend!
Welcome fellow Tradingviewers,
Digibyte one of the oldest projects around in the cryptocurrency market might just have broken a very important level.
In our last analyses we shared our thoughts on the delisting on polienex and why it really did not even matter.
Without further or due, lets start analysing:
We will be analysing DGB using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- The candlesticks are not showing any real signs yet, Neutral.
- We are below the 50 MA, indicating more downside.
- MACD is starting to shift towards bullish territory, but for now indicating more downside.
- RSI is neutral.
- WE BROKE OUT OF A MULTI-YEAR DOWNTREND
Weekly:
- The last weekly candle closed as a bullish engulfing candle, indicating more upside momentum.
- We are below all MA's indicating more downside.
- The MACD has crossed bullish a couple of weeks ago, indicating upside momentum.
- RSI is in neutral, coming from oversold territory.
- WE BROKE OUT OF A MULTI-YEAR DOWNTREND
Daily:
- The last daily candle was pretty much neutral, slightly favouring the Bulls.
- We are currently testing the 100 MA, indicating more downside.
- We are also above the 50MA indicating more upside.
- Break above 200 MA would switch the trend to bullish.
- The MACD has crossed bullish, indicating more upside.
- RSI is in neutral.
- WE BROKE OUT OF A MULTI-YEAR DOWNTREND
In summary:
The break of this multi-year downtrend has not been really spectaculair.
We are still awaiting full confirmation on the breakout but things are surely looking better and better for Digibyte.
A break above the 200 daily MA would confirm that we are once again in a bullish trend!
This multi year downtrend seems to have formed a falling wedge, IF we can get some confirmation, 150, 250 and 350 sats would be the very first targets!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
FORALLCRYPTO
Digibyte one of the oldest projects around in the cryptocurrency market might just have broken a very important level.
In our last analyses we shared our thoughts on the delisting on polienex and why it really did not even matter.
Without further or due, lets start analysing:
We will be analysing DGB using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- The candlesticks are not showing any real signs yet, Neutral.
- We are below the 50 MA, indicating more downside.
- MACD is starting to shift towards bullish territory, but for now indicating more downside.
- RSI is neutral.
- WE BROKE OUT OF A MULTI-YEAR DOWNTREND
Weekly:
- The last weekly candle closed as a bullish engulfing candle, indicating more upside momentum.
- We are below all MA's indicating more downside.
- The MACD has crossed bullish a couple of weeks ago, indicating upside momentum.
- RSI is in neutral, coming from oversold territory.
- WE BROKE OUT OF A MULTI-YEAR DOWNTREND
Daily:
- The last daily candle was pretty much neutral, slightly favouring the Bulls.
- We are currently testing the 100 MA, indicating more downside.
- We are also above the 50MA indicating more upside.
- Break above 200 MA would switch the trend to bullish.
- The MACD has crossed bullish, indicating more upside.
- RSI is in neutral.
- WE BROKE OUT OF A MULTI-YEAR DOWNTREND
In summary:
The break of this multi-year downtrend has not been really spectaculair.
We are still awaiting full confirmation on the breakout but things are surely looking better and better for Digibyte.
A break above the 200 daily MA would confirm that we are once again in a bullish trend!
This multi year downtrend seems to have formed a falling wedge, IF we can get some confirmation, 150, 250 and 350 sats would be the very first targets!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
FORALLCRYPTO
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