Hi friends, hope you are well and welcome to the update on Digibyte coin.
Harmonic Shark move has been completed:
In the previous post, I told you that the price action of DGB forming the final leg of bullish Shark on the 2-week chart. Now finally the leg has been completed and the priceline of Digibyte has entered in potential reversal zone of this pattern.
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The long term support and different indicators:
Now on the long-term weekly chart, the MACD and stochastic have given weak bullish signals and RSI is also in the oversold zone. But it can be also observed that the DGB has long-term support at 0.00000050 btc, therefore, the priceline can again re-test the support before the final bullish rally. This support is within the potential reversal zone of the bullish Shark pattern.
Simple moving averages:
On daily chart the price action of Digibyte has broken down all simple moving averages with the time period of 25, 50, 100 and 200. If the priceline moves above the SMA 25 and 25 simple moving average crosses up the 50 simple moving average, then we can consider it as a first buying signal to jump into the rally.
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Conclusion:
Even though the price action has entered in potential reversal zone of this bullish Shark pattern on 2-week chart, but we can also wait for more confirmations by different indicators and moving averages. However, if someone buys in this PRZ level and the priceline moves down then eventually it can move up as it has already entered in the potential reversal zone.
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