📈Daily Cryptomarket Analysis : DYDX Trading Strategies 🛎🪄
🔍Let’s dive into today’s analysis. Yesterday, Bitcoin had another upward movement, reaching as high as 72,000 but failing to stabilize above that range. It is currently resting around the 71,000 mark. Besides Bitcoin, Ethereum also saw significant growth, pumping 18% due to rumors of an Ethereum ETF approval. Several altcoins related to the Ethereum blockchain also saw a surge, including UNI, which I analyzed previously. I’ll include the link to that analysis in the description for those interested.
💵Today, we’ll analyze DYDX, a coin I’ve covered twice before. The first time was for a spot trade, which hit the stop-loss, and the second time was for futures. In that analysis, I mentioned that if DYDX faked a support break and re-entered the box, we could expect an upward movement. I’ll include the link to that analysis in the description as well.
🔄The previous trigger for DYDX was a short-term resistance at 2.075, which was activated yesterday but didn’t generate much momentum. Currently, there is no resistance until 2.302, and DYDX could move towards that level. However, given Bitcoin’s dominance and current consolidation, other altcoins are also likely to rest.
📈The next long trigger for DYDX is at 2.302. However, be aware that the main resistance is at 2.433, and the price might get rejected there. So, if you plan to open a position after breaking 2.302, volume confirmation is crucial. RSI entering the overbought zone increases the probability that the 2.433 resistance will also be broken. In this scenario, you don’t need to scalp and close quickly but can hold your position for higher targets like 2.815.
💣If the market turns bearish again and you want to open a short position, the 2.075 level can be a good trigger, but only if it’s tested multiple times. This helps establish a reliable trigger point. Note that the 2.075 level was a trendline break trigger and now acts as resistance rather than support. Ensure the price tests this level multiple times to confirm it as a short-term support before relying on it.
🧩The main short trigger is at 1.935, but keep in mind that this support has been faked once before. I prefer to wait for another test to establish its precise level.
📝To summarize, Bitcoin and Ethereum have shown significant recent movements, impacting related altcoins like DYDX. While Bitcoin rests, other altcoins may also consolidate. For DYDX, watch the 2.302 level for a potential long entry, but ensure volume confirmation and RSI conditions before holding for higher targets. For short positions, the 2.075 and 1.935 levels are crucial, but multiple tests are needed for reliability. Always approach trades with thorough analysis and be prepared for market fluctuations.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2.
💵Today, we’ll analyze DYDX, a coin I’ve covered twice before. The first time was for a spot trade, which hit the stop-loss, and the second time was for futures. In that analysis, I mentioned that if DYDX faked a support break and re-entered the box, we could expect an upward movement. I’ll include the link to that analysis in the description as well.
🔄The previous trigger for DYDX was a short-term resistance at 2.075, which was activated yesterday but didn’t generate much momentum. Currently, there is no resistance until 2.302, and DYDX could move towards that level. However, given Bitcoin’s dominance and current consolidation, other altcoins are also likely to rest.
📈The next long trigger for DYDX is at 2.302. However, be aware that the main resistance is at 2.433, and the price might get rejected there. So, if you plan to open a position after breaking 2.302, volume confirmation is crucial. RSI entering the overbought zone increases the probability that the 2.433 resistance will also be broken. In this scenario, you don’t need to scalp and close quickly but can hold your position for higher targets like 2.815.
💣If the market turns bearish again and you want to open a short position, the 2.075 level can be a good trigger, but only if it’s tested multiple times. This helps establish a reliable trigger point. Note that the 2.075 level was a trendline break trigger and now acts as resistance rather than support. Ensure the price tests this level multiple times to confirm it as a short-term support before relying on it.
🧩The main short trigger is at 1.935, but keep in mind that this support has been faked once before. I prefer to wait for another test to establish its precise level.
📝To summarize, Bitcoin and Ethereum have shown significant recent movements, impacting related altcoins like DYDX. While Bitcoin rests, other altcoins may also consolidate. For DYDX, watch the 2.302 level for a potential long entry, but ensure volume confirmation and RSI conditions before holding for higher targets. For short positions, the 2.075 and 1.935 levels are crucial, but multiple tests are needed for reliability. Always approach trades with thorough analysis and be prepared for market fluctuations.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2.
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