DNT... breakout imminent coming days? Or double top?
DNT is a fast mover today. Broke out of the horizontal resistance, and may go on to retest the recent high near 1067 satoshis.
But I must war, it is still in the range to form a double top. It may need more time to consolidate as well, there is low volume, and this was a strong upmove. However, I can see it reaching this price target within coming days. It's a good swing trade setup.
Stops can be placed just below the blue support line, near 660. I also want to say that support seems to extends from 880-865, not on a single line.
I have also noticed a cup and handle formation, though this chart is on the 1 hr, keep in mind. But it's not the "cup and handle" that matter, it's the idea behind this formation. There was a potential (rounded) bottom formed, followed by an upmove, and now there is a lesser period of consolidation.
If DNT closes above the previous high, that would signal a higher high, and a higher low. All it needs is a bit more volume and there she goes.
But beware, until we breakout, this could theoretically become a double top (bearish), though I believe it is the less likely scenario
Still, patience is king. Wait for the breakout with confirmation. There is a strong upmove, and if you have money to lose, try your luck. But you are an educated gambler, not a trader!
But I must war, it is still in the range to form a double top. It may need more time to consolidate as well, there is low volume, and this was a strong upmove. However, I can see it reaching this price target within coming days. It's a good swing trade setup.
Stops can be placed just below the blue support line, near 660. I also want to say that support seems to extends from 880-865, not on a single line.
I have also noticed a cup and handle formation, though this chart is on the 1 hr, keep in mind. But it's not the "cup and handle" that matter, it's the idea behind this formation. There was a potential (rounded) bottom formed, followed by an upmove, and now there is a lesser period of consolidation.
If DNT closes above the previous high, that would signal a higher high, and a higher low. All it needs is a bit more volume and there she goes.
But beware, until we breakout, this could theoretically become a double top (bearish), though I believe it is the less likely scenario
Still, patience is king. Wait for the breakout with confirmation. There is a strong upmove, and if you have money to lose, try your luck. But you are an educated gambler, not a trader!
Komen:
Stops near 860, not 660. Apologies