We’re excited to announce that the well-known Swedish crypto trader and investor CTO Larsson will be helping us expand our suite of educational content, providing a monthly report with insights of the TA and FA of DGTX. As he says at the beginning of this video, he has a different background from most people in crypto, which means he can sometimes add a different perspective. Then, without wasting any time, he dives straight into your most burning questions starting off with the DGTX price. Check it out.
Why Has the DGTX Token Price Crashed?
As CTO Larsson begins, “I’m going to cut to the chase and start with the DGTX token price.” He says that his inbox has been flooded with three main questions about Digitex and the token price is the highest on the list. However, in answer to the question of why the DGTX price has crashed, he replies that the price hasn’t crashed. What DGTX is actually doing is ranging between support and resistance at the moment.
He also stresses that charts don’t predict price. He says that charts can’t tell traders if there is someone who is ready to market dump his tokens, as was the case after the Digitex Futures launch. There is no way of knowing this (unless you are that guy), he stresses. Charts just present you with points to manage your downside risk and make upside money-making opportunities bigger.
He explains that seasoned traders try to cut their losses quickly and then try again to get an entry, whereas beginners tend to cut their winners too soon and hold on too long on the way down. But, he says, at whatever price you bought at, you should not beat yourself up as, “If you believe in this project and believe there is a big upside and you are looking to get in, there is once again a good risk/reward here.”
Where Is the Whole Market Going?
The second question that everyone wants answered is about the crypto market in general. People want to know where the market is going. Larsson concludes that throughout 2020, BTC is following gold. So the chart to watch is gold.
He says that if gold breaks out, BTC probably will as well. So if gold breaks out, he will add to his risk exposure in crypto, but if it breaks down, probably BTC will too. As this will influence the whole crypto market, he says, this will make him more defensive.
What Do You Think of the Digitex Stablecoin (DUSD)?
The third question overflowing his socials and inbox he says is about the DUSD and what he thinks about it. “I think it’s good,” he says, “because they listen to their customers. The wish for a stablecoin came from the traders and customer feedback.” He says that senior traders want to trade against a stablecoin, and he thinks that it’s really great to separate the speculative nature of a token from the utilitarian business of running a zero-fee futures exchange.
He also adds his personal feelings about how impressed he is with Adam and the Digitex leadership. He reminds people that it’s not easy building a successful business, finding customers, creating a business model, at the same time as experiencing self-doubt, FUD, and hostile attacks, while still showing up every day and motivating a team to get things done.
“People think that the key to success is a good idea, but it’s not, it’s about execution,” he says. Larsson says that he has been impressed ever since he first came across the Digitex product with the zero-fee model and he believes that the exchange is great. He says that the addition of the ETH market will be very bullish as traders can take advantage of ETH’s current volatility and says that there will also be plenty of volatility in traditional markets in the runup to the presidential election, so this will be a great addition to Digitex as well.
Finally, he concludes that he is interested in DGTX for the long term and says that the token has “the real possibility of making it big.” He also says that he is being paid for his monthly analyses in DGTX tokens so that he has real skin in the game just like its investors.
If there is anything you would like to see him talk about in his next report, he encourages you to send him a message. You are welcome to DM me questions or feedback on twitter @ctoLarsson, he says.
Thank you! “Tack!” With great respect // CTO Larsson