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Dydx

DYDXUSDT is Converging and two timing to entry!/Trading strategyBYBIT:DYDXUSDT - 1H trend chart - DYDX has converged for a while and formed an obvious triangle. You can notice lots trend lines needed to be broken, so I'll provide 2 different entry timing for you as below - 1. Aggressive traders There are 2 blue horizontal lines, the upper one is a nice timing for aggressive traders. It just broke out the orange downtrend line, so can wait for price stands firm at $24.960 2. Conservative traders Conservative one could wait for the price takes out the long-term upper downtrend line, as the pattern at the top left. - Profit Targets: a) 27.857----Fib(1) b) 32.414~34.257----Fib(1.272~1.382) c) 44.611-----Fib(2) Stop losses: a) 22.001-----for Aggressive traders(Red horizontal line) I'll update for Conservative traders if the downtrend line are taken out. - If you like this analysis, give it a like and leave a comment below to share your perspective or let me know what crypto you want to see! Trading is a reflection of yourself. Learn more daily and be ready for every opportunity. Have a nice trading!
Long
by EthanTW
4
10/14/21 DYDX LongStarting a longer term position in DYDX (one of the most liquid, leading decentralized exchanges) Traded up on the news that Binance was banning/placing more restrictions on China , makes me think that users will move to other platforms, trading on a decentralized exchange is probably going to be a good option in the future when more restrictions/regulation happens. Although that move got faded, it's still trading in a nice price range right now between 25.057 resistance and 22.216 support. The DYDX decentralized exchange platform is built on Layer 2 ZK-Rollup technology based on the Ethereum blockchain , which give it the security of Ethereum smart contracts combined with no gas fees for users while trading their cross-margined Crypto Perpetual Futures Contracts. Great that this can solve many of the problems for users in crypto restricted regions by moving their trading volume to a DEX that has good security and privacy. Standard Spot and Margin crypto markets are also still accessible on their L1 ETH based protocol. Backed by global institutional investors such as venture capitalist Paradigm among other angel investors and leading funds. I see that it has good room for growth in the future not only based on their fundamentals, but also that the technical setup of their chart also looks great, which makes me very interested in a larger long term position. Sample Trade Plan: 1- 3 Month Target: @ 30.047 (+35% profit from 22.216 starter) Resistance: @ 25.057 (+13% profit from 22.216 starter) Support: @ 22.216 (starter on position with room to add up to 21.092 support below) Bottom Range Support: @ 21.092 (-4.6% drawdown from 22.216) If trading on short term leverage up to 25.057 resistance, will have more than made back the capital spent, and can switch to spot/lower leverage to hold position long term comfortably above that 30 target. Short term profits funding long term position. TL;DR Basically cool project + Technicals look good + Scalable L2 will be compatible with new crypto innovations in the future -> Interest me in taking a long term position along with ETH for some diversity in DeFi exchanges DYDX Long Trade Idea on Daily Chart
Long
by machdragon
2
DYDX/USDT: Critical Area for Rebound?DYDX/USDT has been holding it's ground so far. But for how long? After touching the $25 zone it retraced quickly towards the $21 region. Heavy resistance around $22.275 $22.46 region. It it breaks that we cud see DYDX head to reclaim the $23 and beyond ones. The Blue region on the chart looks like it toughest demand zone for now. If it lose that; we are headed to test the trendline of what looks to be forming like a Falling wedge. Other Indication on VOLUME: On Balance Volume at the bottom of the chartshows an ascending movement. Which could be VOLUME building up. But again; it should maintain the upwards trajectory for a breakout to give us more confirmation on DYDX breakout. 2 Possible scenarios: On a 4H TF 1) Either we get enough momentum to rebound from the Blue zone 2) Or we look for a rebound off the falling wedge trendline. P.S.: New York / US Brink session will help decide the fate of the reversal for DYDX if any major momentum has to be looked for. Do share and happy to hear any feedbacks or suggestions. Stay Safe. And happy trading!
by DigitalTantrik