Digybite at a crucial stage DGB/BTC
Digybite DGB/BTC has completed a wave 4 correction via a complex wxy pattern after failing to break above 500 sats. for over two weeks it has been caught in a negative downward median line set unable to break out due to a collapse in BTC price. However the extended length of time spent at this upper level and large consolidation is a positive sign that price has found a potential platform to move up from.
BTC is in the process of a producing a horizontal basing zone and therefore DGB has potentially started the 5th wave therefore DGB/BTC is now at a crucial moment.
A major resistance line has been broken and is now potentially acting as support. A return below this line is a sign of major weakness.
A minor resistance line in pink is yet to be tested and a retest of this line should it be broken may provide an entry point.
However failure to make it out of the downtrend line sets a move fundamentally driven by BTC price action may see a failed wave 5 and a return to the 300 sat range.
Due to it's explosive history there might be an extended wave 5 beyond the target area of around 570 sats.
However this depends fundamentally on BTC price action.
A break of the lower parallel line signals further downside and a return to FIAT may be the safest bet while BTC continues to correct.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.