DGB no HnS - possible flag?In a previous idea I had posted that DGB was forming a possible head and shoulders, which it did. Was the neck line violated? No it was not. How is DGB looking now? Pretty well!
It seems that on the 1h DGB might be forming a possible bull-flag, this is of course hypothetical and just wanted to share some positive news. Please do not trade on this information as we should wait for more information. DGB and the market as a whole depends on the movements which BTC makes.
What will I do personally? I bought a good amount of DGB at the base of this possible flag pole, and set tight stops. Did you do this? Good job!
How are the EMAs looking? Well it seems that DGB stopped short of the 50 day EMA on the 1d chart and is now trading above the 50 on the 1h chart. The 50 on the 1d chart more or less coincides with the 0.5 fib level. So it seems has become a major point of resistance. On the 1d chart the MACD seems to have almost kissed and the RSI is starting to look up, this will play out over the next few days.
Predictions? I think if we get a bull-flag formed, DGB will strongly go up to test the aforementioned resistance level. A new floor will be set just below or maybe even above this resistance level and we'll trade sideways for a while.
I've wanted to pick some more DGB up, what am I going to do? I'm going to wait to see what happens and if we get a bull-flag. If we do I'll buy the point of the flag and set a tight stop loss. Could this be a false break out? YES! Is this a risky trade? VERY.
Thanks for your attention please leave a comment challenge my ideas lets discuss!
This is not financial advice, please do your own research, and I am not a financial advisor.
Best of luck.
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