The Moonshot Quest Continues! (DGD)
Updated
This is purely for fun. Sometimes I take myself too seriously when I'm trying to navigate my portfolio, but I really should stop doing that. No matter what you do, there will ALWAYS be a better trade. That said, I'm looking at a coin that is close to its all-time-low against Bitcoin. DGD was once worth over $500, I believe. RSI, ultimate oscillator, and stoch all look good, as well as the recent buying volume. The RSI does need to break this resistance area though, to confirm a breakout.
Right now, DGD has sneakily begun to break out of an inverse head and shoulders pattern (retesting the neckline as support), and if this has any merit, I expect a rather large pump. We could even go 100% up from here rather quickly. Another reason I put a small amount into DGD is that I think there is a possibility Bitcoin could drop here, and DGD has a history of having an inverse correlation with the rest of the market. Additionally, since a bunch of people are fearing a stock market recession again, people might bring back the "digitally backed gold" meme. So this is a small hedge, as well as a potential moonshot.
My previous moonshot attempt was DENT, but I failed to look deeper into the community, and found a very toxic environment. Even if that one rises, I just felt bad about it...so I got out at a small loss. That idea is linked at bottom, if you're curious.
Anyway, this does NOT have to play out. Just posting this for future reference. I may get out if the pattern fails to complete. I'll be watching for a potential break back down below the inverse head and shoulders neckline. This is for fun, and definitely not financial advice.
-Victor Cobra
Right now, DGD has sneakily begun to break out of an inverse head and shoulders pattern (retesting the neckline as support), and if this has any merit, I expect a rather large pump. We could even go 100% up from here rather quickly. Another reason I put a small amount into DGD is that I think there is a possibility Bitcoin could drop here, and DGD has a history of having an inverse correlation with the rest of the market. Additionally, since a bunch of people are fearing a stock market recession again, people might bring back the "digitally backed gold" meme. So this is a small hedge, as well as a potential moonshot.
My previous moonshot attempt was DENT, but I failed to look deeper into the community, and found a very toxic environment. Even if that one rises, I just felt bad about it...so I got out at a small loss. That idea is linked at bottom, if you're curious.
Anyway, this does NOT have to play out. Just posting this for future reference. I may get out if the pattern fails to complete. I'll be watching for a potential break back down below the inverse head and shoulders neckline. This is for fun, and definitely not financial advice.
-Victor Cobra
Note
This idea is still valid, but I decided to just stick to one of the coins I know for now. Finally got back into WTC after selling for SLT a while ago. Maybe if this ends up taking off, I'll get in. Need to focus this week so I feel more comfortable doing that.Trade active
Back in. Will exit if the neckline is broken to the downside.Note
Looking pretty good so far. If we break this next diagonal resistance, we could target the 6000-6100 zone. If we make it there, that might be a spot for a swing trade sell. Trade closed manually
Going to stop trading for a bit. Today has been pretty brutal. Just going to accept the moves I've made in the last several months as decent ones : ) This idea may still play out though!
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