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The DigiByte / Bitcoin (DGB / BTC) pair managed to get up to 0.00002669 on 3 June 2017. Unfortunately for buyers at that level, the bulls showed signs of exhaustion. After all, the pair has skyrocketed 7.750% in two months since it was opened at 0.00000034 on 3 April.
Almost everything that goes up must eventually come down. This remained valid for DGB / BTC after the collapse at 0.0000007 on December 8, 2017. The pair has consolidated since then, but it seems that DGB / BTC is almost ready to trigger a bull run.
Technical analysis shows that DGB / BTC is creating a large symmetrical triangle on the daily and weekly charts. The triangle is completing its E-wave, which is often the final wave down. After this corrective move, the rebound exerts enormous pressure on the bears to create a lower maximum. The increase in demand usually negates sales pressure, which results in a breakout.
The strategy is to buy support as close as possible to 0.000004. If support continues to be maintained, DGB / BTC would create another, more bullish, lower configuration. This should generate the momentum needed to exit the scheme and bring the pair to our target of 0.0000078.
The process can take less than a month.
DigiByte / Bitcoin daily chart on Poloniex
At the time of writing this article, the DigiByte / Bitcoin pair is trading at 0.00000416 on Poloniex .
Strategy Summary
Buy: As close up to 0.000004.
Target: 0.0000078
Stop: 0.0000038
As close as possible to 0.000004.
Disclaimer: The writer has bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not engage in short-term or daily trading.
Featured image courtesy of Shutterstock.
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