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Cryptocurrency
by Seth Parker on June 11, 2018

DigixDAO Analysis – That is a sell

Third piece on Monday will be written about the DigixDAO. It will be the first time that this altcoin will be discussed here but definitely not the last one as the technical situation is very interesting and in the next few weeks, we will have to check if our current prediction worked out or not. Currently, our view on this coin is bearish. DGD dropped like a rock yesterday and today is one of the biggest loosers in the top 50.

Technically, we are under the influence of the big bearish head and shoulders formation (yellow rectangles) that sets the negative sentiment for the next few months. Most recently, the price bounced from two super important resistances. First one was the horizontal neckline of the Head and Shoulders formation (black) and the second one was the mid—term down trendline (red). Inability to break those two resistance is a terrible sign for the buyers and leaves no hopes for this crypto.

DIGIX Chart

It is hard to tell where is the target for this drop but one thing is more or less certain. The further decline is not the matter of ‘if’ but ‘how deep’

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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