Trade Recommendation: DigiByte/Bitcoin

The Digibyte/Bitcoin market skyrocketed after breaking resistance at 0.000006 on May 21 at Poloniex. It took the market 13 days to climb to an all-time high of 0.00002669 on June 3. That’s an astronomical 344.83% increase in value in less than half a month. Unfortunately for traders who bought at this level, sellers took advantage of Digibyte’s rapid ascent to dump their positions and take profits.

Bitcoin steadies after a rollercoaster Christmas

On Wednesday morning, bitcoin’s price is little changed from its opening quote, trading at around $16,200 per coin, a gain of roughly 3%. For normal assets, a 3% move would be considered fairly substantial, but in terms of bitcoin, it is a drop in the ocean.Here’s how the cryptocurrency looks at around 8.20 a.m. GMT (3.20 a.m. ET):”Although the recent plunge frightened many bitcoin fans, when looking at the relatively short history of bitcoin trading, the price action seems just normal. During 2017 the cryptocurrency crashed by 30% or more six times. Every fall was followed by huge price appreciation until it peaked on 17 December,” Hussein Sayed, chief market strategist at FXTM said in an email a little earlier.”Whether the Bitcoin bull market is close to an end or just pausing for a short break, remains to be a wild question for 2018.”