Long
DGB More up to go?
What up people, first post in a while but thought I'd share my thoughts on DGB.
I will start by saying I do hodl DGB so am longterm bullish BUT I am also down to my core with longs closed at 650stats...and if you've seen my Bounce Play you Shouldn't Miss Again post you would have been long along with me in a bunch of your favorite alts when BTC tanked to the 5800-5900 levels AND taken a lot of profits after the 3rd wave which could easily be C of ABC rebound before more downtrend.
This ambiguity of whether we have put in waves 1-3 or an ABC is why I have the 1-5 subwaves labeled but not the larger picture. Assuming we are on a 4th wave I doubt that it is complete even though what I have labeled as the A can be counted as a completed ABC. The reason I discount that is because it happened so quickly. However it did bounce perfectly off the 61.8% retrace of the 3rd wave AND the 38% retrace from swing low to swing high of the entire move off the bottom (Green Line) so it is definitely possible that 4 is in. IF that were a completed wave 4 then we are putting in the 5 now and can expect a slightly higher high than wave 3 before a retrace to and through these levels again imo.
The scenario I put on the chart is that we have started the C down and will reach down towards the 500sat level between those 2 golden lines signifying key fib levels corresponding to 78.6% of wave 3 and 50% retrace of entire move up. if this area is reached, I expect a strong reaction and the start of wave 5.
There is of course the most bearish case in which we have put in our ABC off the bottom and are now going to put in a new low as BTC takes the market down with it should it break support around 6150-6000. That would make the red labeled ABC the 1-2-3 waves of the next impulse down (maybe subwaves of 1 of 5 if BTC takes a real dive to the 4900 level many are looking for.
Hope the options I have laid out for DGB help you along in your own due diligence. I have limit orders in at my golden box with stops just below at top of first 5 waves up so great RR. Not saying you should be doing same, just saying I am ;). IMO, we bounce there even in my bearish scenario, will just have to be quicker in taking profit is all.
GL
I will start by saying I do hodl DGB so am longterm bullish BUT I am also down to my core with longs closed at 650stats...and if you've seen my Bounce Play you Shouldn't Miss Again post you would have been long along with me in a bunch of your favorite alts when BTC tanked to the 5800-5900 levels AND taken a lot of profits after the 3rd wave which could easily be C of ABC rebound before more downtrend.
This ambiguity of whether we have put in waves 1-3 or an ABC is why I have the 1-5 subwaves labeled but not the larger picture. Assuming we are on a 4th wave I doubt that it is complete even though what I have labeled as the A can be counted as a completed ABC. The reason I discount that is because it happened so quickly. However it did bounce perfectly off the 61.8% retrace of the 3rd wave AND the 38% retrace from swing low to swing high of the entire move off the bottom (Green Line) so it is definitely possible that 4 is in. IF that were a completed wave 4 then we are putting in the 5 now and can expect a slightly higher high than wave 3 before a retrace to and through these levels again imo.
The scenario I put on the chart is that we have started the C down and will reach down towards the 500sat level between those 2 golden lines signifying key fib levels corresponding to 78.6% of wave 3 and 50% retrace of entire move up. if this area is reached, I expect a strong reaction and the start of wave 5.
There is of course the most bearish case in which we have put in our ABC off the bottom and are now going to put in a new low as BTC takes the market down with it should it break support around 6150-6000. That would make the red labeled ABC the 1-2-3 waves of the next impulse down (maybe subwaves of 1 of 5 if BTC takes a real dive to the 4900 level many are looking for.
Hope the options I have laid out for DGB help you along in your own due diligence. I have limit orders in at my golden box with stops just below at top of first 5 waves up so great RR. Not saying you should be doing same, just saying I am ;). IMO, we bounce there even in my bearish scenario, will just have to be quicker in taking profit is all.
GL
Note
The way this correction is stretching out it could be triangle-ing and putting in a nice 4th still. Technically all 3 options are still on the table but if DGB is putting in a triangle here, the lows have been seen for this 4th wave and a swing can be triggered on breakout for the 5th wave. No stress if you miss it bc I'm almost certain we go to if not below these levels after the 5th anyway. BTC should choose a direction soon so picture will be clearer on Monday.GL
Note
So the ABC seems to have played out with a front run on the 78.6 which was my golden zone. I managed to get some front-run expecting orders filled but missed most of the swing as I was away from the action when it turned around. waiting for a pullback to refill now but bullish scenario where we are starting on the fifth wave up off the bottom is most likely atm.Note
While the ABC count that played out fits nicely with EW, what came after has me looking at this triangle now. I have 40% of my swing back in atm and will likely add another chunk at the lower boundary of triangle at C. I expect more upward movement after the triangle but a breakdown is not out of the question either, though I give that a much lower likelihood.tradingview.com/chart/Uu8PfBmE/
Note
Triangle in above graph just has E to go before likely breaking out. We often see a breakout at D in real bullish conditions so I def wouldn't be a seller here in case we just go up from here. The triangle bottom at E will be last best chance to long the coming breakout but actually waiting for the breakout is a good conservative option if not already in as it is much higher percentage trade albeit for slightly less profit.Just an idea, DYOR, GL
Note
Big ABC looks almost in. My golden zone got a reaction on both lines with a 486sat bottom (so far) but the structure looks like it wants to put in one more leg down. I'm fully in already but price may still reach the 440-450 level of support before going up. GL
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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.