DGBUSD- "Waiting and Watching" Retest Support or Breakout?
DGB remains in a structured Downtrend, (albeit a wide one) and if current support holds it should attempt a breakout in the coming hours or days.
Seen in the charts, besides a brief dip it remains within the triangle and the length of this consolidation should prove to build momentum into a move to the upside.
MACD and RSI may need to test lower support ranges before breakout so cautious entry advised.
I have lofty targets if the move plays out but lately DGB has been notorious for quick profit taking so structure your own profit markers accordingly and a tight SL is a must in the current environment.
If short term support fails, possible entry at bottom of channel should prove profitable.
Any feedback is appreciated.
Happy Trading!
Seen in the charts, besides a brief dip it remains within the triangle and the length of this consolidation should prove to build momentum into a move to the upside.
MACD and RSI may need to test lower support ranges before breakout so cautious entry advised.
I have lofty targets if the move plays out but lately DGB has been notorious for quick profit taking so structure your own profit markers accordingly and a tight SL is a must in the current environment.
If short term support fails, possible entry at bottom of channel should prove profitable.
Any feedback is appreciated.
Happy Trading!
Dependent on position, consider protecting profits.