Digibyte/Bitcoin big area of concern
Updated
It's becoming very clear that Digibyte is in fact one of the most undervalued cryptocurrencies in the market. Against the US Dollar it is looking good. Against Bitcoin there is an area of concern and big obstacle that DGB needs to overcome in order to reach new highs. This is area is the 300-315 Sat mark. As you can see historically, this line was once a support, which eventually failed and became a big line of resistance. Just recently, DGB failed to break this resistance and is going to attempt to break through once again.
From an elliot wave perspective, it looks like we are heading into the 5th wave of this cycle, which hopefully will be the one that breaks through. Don't be alarmed if we end up hitting an ABC correction after wards. But so far, this area of concern is going to be something to keep and eye on. Once we see DBG flip this resistance to a support, enter longs.
From an elliot wave perspective, it looks like we are heading into the 5th wave of this cycle, which hopefully will be the one that breaks through. Don't be alarmed if we end up hitting an ABC correction after wards. But so far, this area of concern is going to be something to keep and eye on. Once we see DBG flip this resistance to a support, enter longs.
Note
Since April 21, DGB/BTC has thrice touched the big area of concern outlined in the original analysis. Seems to be having a hard time. To be positive about the situation, we can say that we are now in an ascending triangle. We should know how this scenario plays out on or about the 7th of May, maybe sooner. If DGB fails to penetrate this resistance, it may need to recoil, recover, and revamp. This may put us at below 200 sats. BUT, we will remain positive because we are in a bull market, and DGB has just begun to break out of it's years-long diagonal downtrend. Doesn't mean it can't try to form another bottom. So be careful. How will we know to go long? Confirming a breakout of the ascending triangle. That is, wait for the breakout, and then wait for the next candle to sit on the upper limit as a support. Of course, the price is so low, that you can accumulate all the way up.
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