Hi, friends hope you are doing good and welcome to the new update on Digibyte coin. In my previous article, I showed you that the price action of Digibyte coin was at the support of an up channel. The price line of DGB is moving within this channel since April 2020. This time I was expecting that the price action will breakout the resistance. Finally, the priceline started the bullish move but failed to breakout the resistance and now moving down at the support again. This was almost 50% rally.
Previous article before execution:
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Previous article after execution:
The strong support of SMAs at the support of the channel:
This time there are more strong chances that the price action will be bounced to the upside from the support of this channel and it will make another attempt to breakout the resistance. Because after placing the simple moving averages with the time period of 100 and 200 we can observe that the 100 simple moving average is almost at the same level where we have the support of the channel as well. The 200 simple moving average is also below the support of this up channel.
A bullish Butterfly move:
At the support of this channel, the price action has also completed the formation of the bullish Butterfly pattern on the small-time period 6-hour chart. Let's dig this pattern deeper to see how perfect this pattern is driven.
After initial leg the A to B leg is retraced between 0.618 to 0.786 Fibonacci then B to C leg is projected between 0.382 to 0.886 Fibonacci projection of A to B leg then C to D leg is retraced between 1.27 up to 1.618 Fibonacci and here we have all legs driven as required for perfect bullish butterfly.
Now the priceline is entered in the potential reversal zone of this pattern and from here the priceline can move up at any time.
The priceline is geared up from the PRZ level as predicted last year:
Now I would like to recall my previous post that I shared over a year ago in June 2019 when I predicted that on monthly chart the price action of DGB is forming a bearish Shark pattern and soon it will start the formation of C to D leg. I also showed the pivot support in the potential reversal zone of this bearish Shark pattern. And using this support the price action could start a powerful long term rally to the upside.
This idea had potential to produce up to 1400% big bullish move. Now it can be easily observed that as predicted the price action has geared up from the pivot support and the potential reversal zone of this bearish Shark pattern and so far it has produced more than 396% profit.
I am sharing the sell targets again that I have defined as per Fibonacci sequence of bearish Shark as below:
Sell targets:
Secure sell targets:
Sell between: 0.00000338 to 0.00000694
Aggressive targets:
Sell between: 0.00000808 to 0.00000969
Bearish Shark pattern before execution:
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Bearish Shark pattern after 296% bullish move:
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Conclusion:
In the long term, the price action is in bullish momentum but if we move to the daily chart then the price action is at the support of the channel. Even though we have very strong supports of the channel and the moving averages as well, therefore, this report can be critical as well because if this strong support will be broken down then a short time rally can be started to the downside.