Cup and handle forming

9. Juli 2017

Hey everyone. Today I decided it's time to take a closer look on digibyte. We have seen a spike at the beginning of june due to the bad news and confusion around CitiT4IChallenge. To clear that one out, digibyte didn't lose the contest. The announcement in June was a side-contest. Laura Gaviria Halaby announced on twitter that there will be more announcements in July (twitter.com/LauraGaviriaH/status/877840629992046592).

So let's move on with the technical analysis. My thesis is, that we are witnessing a cup and handle formation forming. The formation started right after the huge spike at the beginning of June with high volume. Since then the price was below it's moving average (20) and the volume was decresing constantly. Right now it found a nice bottom (red zone) which shows a strong support. A cup and handle formation needs 7 to 65 weeks to complete, based on what the literature is telling us. So I took the current price development and projected it into the future. If I'm right then the formation will complete at the beginning of August, which then will be a timeframe of 8-9 weeks.
As you can see we have many indicators that hint to a possible cup and handle formation. Also, if you are interested in this coin, take a look at the great fundamentals it has. For me it's a great longterm investment.

Check out my twitter for more infomation around cryptocurrencies: twitter.com/paaax2k13