#Digibyte has been on a roll recently. Two weeks ago, the coin created a false break down when it pushed below the multi-week trend line but then raced higher and closed above the trend line. Since then, the coin pushed all the way to 0.00000690 but it is now retracing and looking for a healthy correction. The current move down will allow the bulls to take a breathe and facilitate more support for the next leg higher. After reaching a recent high, the coin immediately returned back to test the 38.2% Fibonacci support of the last move higher. The coin then returned higher but failed to create a new high which ultimately resulted in a creation of a lower high.
The multiple lower highs created on the H1 chart show us that the coin may continue to rotate back lower until it reaches more support from the bulls. This can happen around 50% Fibonacci support that also coincides with the horizontal support. Just below, we have the 61.8%, key Fibonacci support. I would suspect that this block of support levels will be enough for bulls to gain more support and push higher. A new push should at least test the previous high around 0.00000690, but a break might be on the cards here. The next target would be layers of Fibonacci support - 78.6% and 88.6%. Ultimately, the level to watch on a higher time frame is the previous one-year high. If one is looking to enter a long trade, then a stop should be placed below the 61.8% support, around 0.00000400 level.
The multiple lower highs created on the H1 chart show us that the coin may continue to rotate back lower until it reaches more support from the bulls. This can happen around 50% Fibonacci support that also coincides with the horizontal support. Just below, we have the 61.8%, key Fibonacci support. I would suspect that this block of support levels will be enough for bulls to gain more support and push higher. A new push should at least test the previous high around 0.00000690, but a break might be on the cards here. The next target would be layers of Fibonacci support - 78.6% and 88.6%. Ultimately, the level to watch on a higher time frame is the previous one-year high. If one is looking to enter a long trade, then a stop should be placed below the 61.8% support, around 0.00000400 level.