Digitex Futures
$0.03321 16.57%
DGTX · 17w

Digitex (DGTX) Price Analysis – January 21. A Sign of Potential Move

Highlights:

For over weeks, Digitex remains in a bearish trend. The Dollar-Bitcoin pairings maintain a synonymous movement. Both markets would likely reverse in the same direction.

Key levels:

Resistance levels: $0.04, $0.05, $0.06

Support levels: $0.025, $0.015, $0.005

DGTX-USD Market

Considering the market condition, Digitex’s trading activity has been quite inactive. In fact, the volatility is low. However, the market is positioned in a downtrend. This reflects the selling dominance as the price keeps falling. As buyers struggle to defend their positions, sellers keep dropping red candles to retain price lower.

DGTX/USD 4 Hour Chart by TradingView

As the 4 hours RSI appears, the price action is trending down since mid-December 2018 till now. Lying at the oversold might take price to $0.025 support level. But on the Stochastic RSI, The pressure is rising from the bull sides. Reaching $0.04 resistance level lies in the demand force.

Breaking the Medium-term 100 days moving average (yellow line) upward could result in a trend reversal. By then, $0.05 and $0.06 resistance level would be revisited.

DGTX-BTC Market

Obviously, on the structural outlook, this pair is descending as confirmed by the 100 days moving average; trending above the candlesticks. For four days, Digitex is on consolidation. At this stage, a change in trend is signaled as the market decides in the next direction. It could be upward or downward.

DGTX/BTC 4 Hour Chart by TradingView

Despite the decline, the Stochastic RSI swings up and down; showing demand and supply forces in the trade. Though selling pressure is much dominant than buying. At the moment, price heads downward. The RSI waving at 40% indicates an ongoing squeeze, waiting for the next trend.

The choppy market is set to follow by a break. An incline move will target 1300 SAT resistance and a decline is expected at 600 SAT support.

Key...
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