District0X (DNT) 4-Hour Technical Analysis
/DNT HARD CORRECTION - LANDING SPOT POSSIBILITIES
District0X is experiencing the same corrective move that is playing out across the entire crypto market. My eyes are focused on two possible landing points after the correction has finalized. Let's take a look on the chart provided by TradingView.
As we can clearly see, the upward trending green base line has been broken. The price line took a small bounce on the magical 4.618 fib circle ring before going lower, and is now deciding how much time, if any, to spend while sitting on the 4.236 ring. We can see that the 200-day EMA is just below the ring, where the price is now sitting.
This is looking like the beginning of a bearish micro movement, as the price line is well below the 50-day EMA and ready to violate the 200-day EMA. From what I can see, DNT is sitting at a decision point right now. It will either gather strength and find the current 0.0133 level as the new base, or fall below to the 3.618 mystical fib circle boundary line. Such a fall would bring a price of around 0.011.
Depending on the severity of the BTC correction, this might not be the final resting place before the next leg up. DNT could correct all the way down to the lower green support line, with a price in the 0.008 to 0.009 range. This would be a tremendous buying opportunity, in my opinion. But don’t listen to me, and end up in the food line next week.
The stochastic is already in the oversold zone. But it looks to have more downward momentum, as the fast line has again crossed over the slow line, sending us back in the downward direction. The stochastic could languish down here for quite a bit of time, as we have seen the weak indecisive bobbling around at the 20% boundary line already.
If volume starts to weaken, or if big fat red volume candles start to develop, I think the 3.618 is going to have a high probability as a landing point, with medium probability of falling farther down to the primary green base line. Keep your eyes on this.
Carlton Flowers
The CryptoPro
NOT FINANCIAL ADVICE - Entertainment purposes only. Seek a qualified investment advisor before making any decisions on purchasing cryptocurrencies.
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