DIGIBYTE ๐ | BREAKING: "CZ Lists Shitcoin, Can it Moon?"
โ ๏ธโ ๏ธ DigiByte is pumping after its Binance listing. Despite its longevity and loyal following, DigiByte has struggled to get listed on the major exchanges.
However, it looks like the DGB boys may have just caught a lucky break with the recent Binance listing. On top of that, DGB also has a potential Coinbase listing coming up.
This is reason enough to look for long positions despite DGB being range-bound within a pennant.
Let's take a look at some levels for the DGB bulls and bears. First, we will look at the Hourly levels, then we will zoom out to get an overview of where DGB stands.
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Support Hourly:
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Summary:
DBG had a nice move today, but it is still range-bound consolidating within a pennant. The bulls want to break the top of the pennant with conviction and blast past the previous high to get things running. The bears will want to prevent this.
On the daily timeframe, we can see there isn't a lot of resistance to contend with if and when the bulls can get momentum. So the main focus is simply breaking out of this range.
On the bear side, breaking below S1 daily support is a bad look for the bulls and should create some nice short setups for bears. Meanwhile, testing the hourly R1 or R2 and coming back down into the pennant could be the show of weakness the bears want to see.
For now, what makes sense is for bulls to find an entry on the hourly (a test of the hourly S1 or retest of the hourly R1) and hope the listing hype can carry DGB to new heights.
Resources:[/I]
cryptoslate.com/digibyte-dgb-sees-its-price-surge-35-after-binance-listing/ + cointelegraph.com/news/digibyte-founder-jared-tate-talks-binance-listing-woes-dangers-of-the-status-quo + cryptocurrencyfacts.com/2020/06/22/coinbase-considering-adding-new-coins/
โจDrop a comment asking for an update, we do NEW setups every day!โจ
However, it looks like the DGB boys may have just caught a lucky break with the recent Binance listing. On top of that, DGB also has a potential Coinbase listing coming up.
This is reason enough to look for long positions despite DGB being range-bound within a pennant.
Let's take a look at some levels for the DGB bulls and bears. First, we will look at the Hourly levels, then we will zoom out to get an overview of where DGB stands.
Hit that ๐ button to show support for the content!
Help the community grow by giving us a follow ๐ฃ
-----
Support Hourly:
- Bulls will most likely want to find an entry on DGB on the hourly S1 S/R flip above the lower trend line. If S1 holds, this is about as good an entry as you are going to get while retaining any semblance of a bullish continuation possibility short term.
- If S1 can't hold, then the S2 bullish S/R flip could offer support. Although, as we will see with the daily, the bull's best bet is to break up form the current range without testing lower support levels.
Resistance Hourly: - The hourly R1 is the first point of resistance on the hourly time frame. This is right at the upper trend line and is an ideal level for the bulls to break with the strength to escape the pull of the current range.
- If DGB doesn't retrace enough for the S1 entry, or for those still on the sidelines, retesting R1 as support after moving above it is also a solid level to look for an entry.
- The next relevant and last real resistance in this range is the R2 orderblock formed from the breakdown from the previous swing high. If the bulls can get past this, it is off to the races.
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Here is the Daily timeframe chart as referenced below:Support Daily:
- The bulls will need the daily S1 orderblock to hold if they want to continue this uptrend. Ideally, bulls won't even need to test this level. However, if it comes to it, the bulls need this one to hold.
- The bulls have some support of last resort at the S2 orderblock and S3 bullish S/R (Support and Resistance) flip, but retesting that previous bottom range isn't the ideal move to show strength.
Resistance Daily: - The bears will want to keep the bulls below the daily R1 bearish orderblock. Likewise, the bulls will want to break this to show strength. Either way, we are bound to have a reaction here.
- If the bulls can keep it going, the next point of resistance is the R2 orderblock from the failed swing high before the bearish continuation in the 2019 downtrend.
- Lastly, we have the R3 orderblock, also formed in the downtrend to contend with if bulls can make it that far.
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Summary:
DBG had a nice move today, but it is still range-bound consolidating within a pennant. The bulls want to break the top of the pennant with conviction and blast past the previous high to get things running. The bears will want to prevent this.
On the daily timeframe, we can see there isn't a lot of resistance to contend with if and when the bulls can get momentum. So the main focus is simply breaking out of this range.
On the bear side, breaking below S1 daily support is a bad look for the bulls and should create some nice short setups for bears. Meanwhile, testing the hourly R1 or R2 and coming back down into the pennant could be the show of weakness the bears want to see.
For now, what makes sense is for bulls to find an entry on the hourly (a test of the hourly S1 or retest of the hourly R1) and hope the listing hype can carry DGB to new heights.
Resources:[/I]
cryptoslate.com/digibyte-dgb-sees-its-price-surge-35-after-binance-listing/ + cointelegraph.com/news/digibyte-founder-jared-tate-talks-binance-listing-woes-dangers-of-the-status-quo + cryptocurrencyfacts.com/2020/06/22/coinbase-considering-adding-new-coins/
โจDrop a comment asking for an update, we do NEW setups every day!โจ
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