descending channel + possible breakout big jump ahead !
Hello Traders,
- As we noticed recently we are seeing DYDX IN bearish mode , it's an Ethereum-connected coin that will have a pump soon if managed to breakout from our non horizontal trendline.
- The price trend was downwards for the past weeks, as after hitting a record high of $26.8, the token started correcting in the range of $23 to $18, but from yesterday the token again started an up move and made quite a jump.
- On 1D time chart we can see an overall bullish uptrend , price is respecting the non horizontal trendline acting as support (area of value )
- On 4H time chart a descending channel was formed price is squeezed making lower lows and lower highs , volume is low since we are in this channel
Once we have a possible breakout we can see clearly a rise in buying volume , confirmation will happen after breakout of this channel toward support/resistance level 21$ 21,7$ if buyers managed to break these level we will have a decent upward trend towards our ATH 26$ and above
- I am overall bullish on the longer term trend yet bearish on the short term until i see a clear breakout along with decent amount of volume.
Good Luck traders!
- As we noticed recently we are seeing DYDX IN bearish mode , it's an Ethereum-connected coin that will have a pump soon if managed to breakout from our non horizontal trendline.
- The price trend was downwards for the past weeks, as after hitting a record high of $26.8, the token started correcting in the range of $23 to $18, but from yesterday the token again started an up move and made quite a jump.
- On 1D time chart we can see an overall bullish uptrend , price is respecting the non horizontal trendline acting as support (area of value )
- On 4H time chart a descending channel was formed price is squeezed making lower lows and lower highs , volume is low since we are in this channel
Once we have a possible breakout we can see clearly a rise in buying volume , confirmation will happen after breakout of this channel toward support/resistance level 21$ 21,7$ if buyers managed to break these level we will have a decent upward trend towards our ATH 26$ and above
- I am overall bullish on the longer term trend yet bearish on the short term until i see a clear breakout along with decent amount of volume.
Good Luck traders!
Note
price broke our support trend line, breakout was canceled
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.