Digibyte has made a nice jump right before christmas and seems to be preparing for the next run. Consolidation went down to 360 where the chart crossed the former upper channel. It has found solid support down there and already climbed its way half back from where it was performing the MA Cross yesterday.
Crossing the MA20 line as well as the former upper channels top trendline might be a strong signal for our next move. For the breakout to happen, we need another MA20/50-cross as this has been our indicator serveral times now and has not disappointed yet.
Buy-In: 400-450 (as low as you can still get).
Targets: 620 sats (former ATH) 810 sats (potential new high)
Stop/Loss: 340 sats - we would be falling out of the lower channel by then. 250 and 200 should be good re-entry levels!
Trade ist aktiv
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DGB is performing a double bottom on the bottom trendline of the upper channel, this is exactly where we wanna buy some more DGB. MA50 crossing the upper trendline might be a good signal for a short-term trend reversal just like the one we got a couple of hours ago when MA20 crossed that line. Even if there is not breakout happening right now, there is at least a 10-15 % accumulation chance (390 up to 450 sats)
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Quick update: DGB-USD pair is showing us a beautiful double bottom at 6 cents which has been resistance before (21th of december). With MA20 and 50 crossing soon, we might see a next move upwards soon!
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Trendline crossed both MA20 and 50. This might be another upward movement. Same on XVG which might be another signal for us!
Thanks a lot for sharing your analysis!
I've read the comments but do you think it'd go lower than this?
I've been in DGB since 110 but one day I woke up and saw McAfee's pump so all my buy orders were executed below 450!
I've bought again at 500-550 and didn't sell on the last run up. Unfortunately, this time I've bought more than usual!
I am not looking forward to sell but if I am certain It'd go lower I may sell some and buy lower.
Honestly, I was thinking DGB would be next XVG. Idk maybe it is going to be!
BigFudge
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@hamidikia.ali, it might get lower due to BTC pump. However, the last two weeks taught us there is a new altcoin pumping cycle starting, so I'm pretty convinced we will be seeing further upward movement soon. I'd recommend buying more on lower levels. If you have already bought deep into DGB, wait for local highs to do some short trading (never short all at once though, you might be sitting on your losses then)! I'd still recommend being really careful with this! We wanna make our gains with upward movements. It might take a few days, but in crypto, you have to be patient and wait for the pumps!
Btw, DGB and XVG do behave quite similar! Wait for XVG breakouts - you will see decent upward movement whenever XVG gets pumped again!
BitPersia
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@BigFudge, Thanks a lot man
I really appreciate your recommendation! I think I'd do that and HODL!
It's an irrational market! True, anything can literally happen! And BTC the king is the one who decides :)
I also noticed that alts are getting pumped heavily and that makes me think maybe the people who just HODL are the winners!
It is hard to find out who is wrong or right. For example, I know most of the alts are really shtcoins and do not have any value whatsoever however the pumps can truly make one rich but again the biggest problem is its to hard to know where to enter or exit. I mean honestly, who could have imagined Verge can hit 2000 from 68 that in such a short time! really irrational !
I am a newbie to trading but so far I had managed to 3x my btc in last couple of months considering that I made a lot of mistakes!
I remember when I introduced to alts I just bought a lot of alts at high price (when btc was 8k) and then when btc hit its ATH at 20k the alts were so cheap...
If I had bought the alts when BTC was at ATH I'd have been 6x 10x :)
Do you think the same scenario will happen again?
New ATH for BTC and time to shop alts?
izu97
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Hi guys I'm new to cryptos and i wanted to ask in which website do you trade and where do you set your stop losses and alerts?
BigFudge
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@izu97, I use Bittrex for trading, you can put conditional sell orders that are being executed once the price reaches a certain level (check YouTube for explanatory videos)! Alters you can set here at tradingview (if I recall correctly you can only have one alert at a time as a free user)!
BitPersia
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@izu97, I'd recommend Binance. The fees are pretty low and it usually has higher ATH in alts.
It also depends what do you want to trade. Binance do not have some of the alts.
At the end of the day, you'd need to have accounts in 2 3 exchange to benefit from all features. Start with Binance though (No verification!)
MisterShaker
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Perfect analysis Fudge! Have exactly the same stop-loss to rebuy and my targets are in line with yours!
@MisterShaker, Short term indeed! Really looking forward to see how this new cycle that started this month unfolds over the next couple of months! I'm optimistic we will see a new ATH at some point - FOMO will do the rest!