For today's cryptocurrency update, we will be examining DigixDAO (DGD). This cryptocurrency has been on a bullish tear the last week having massive daily gains up to 30% increases in a single day. Today we saw a 5% increase in price and a triangle starting to form. We are looking to see resolution of this pattern before we see more upside or another test of the lower support line.
Looking at the 2 hour chart gives a better picture of the long term play of this cryptocurrency. We can see it continue its increasing bullish trend as it continues to climb higher and higher leaving the support of trendlines in the past well below its current trends. These will most likely act as support in the future so I am keeping these on the chart for future reference when this breaks through these support lines. I am looking to see an upward push after resolution of this triangle where it might test the prior high set at the end of February where I will look to sell part of my position in DGD and look for another meaningful pull back for re-entry. If it does break to the upside I will also keep part of my position in case it takes out the prior high and creates a new high as I will be looking for it to make a meaningful push higher if it does in fact break the prior highs.
Tomorrow I will take a look at NEO and do a technical analysis on what I am looking for as well as how I will trade it tomorrow. Good luck on your trades and as always have a great day!