Time to SHORT DYDX, for now.
DYDX is too new for any Daily chart analysis, so the next best thing is a 4H.
I don't often use EWT, mostly because I can spot a 5 count in everything, and it feels very subjective, but let's see how this thesis holds up.
Using my Confluence indicator (not public), DYDX reached somewhat of a clear Top on a HTF. Logically I want it to have a smooth ride down Wave #4, but as per textbook rules, if it goes below peak of Wave #1 or below Fib 0.382 ($18.3), the entire structure is invalidated and back to the drawing board.
My SHORT target is towards $18.3 (Fib 0.382)
If that works out, I expect to enter a LONG towards R1 $22.9 and then R2 $27.3
I trade on FTX so naturally charts are a bit different on Binance Futures and Spot, adjust targets accordingly. I also trade with x1 Leverage, because it's not a race
p.s. I see mixed signals on a 1H chart, if you enter a trade, keep a close eye!
DYDXUSDTPERP
DYDXPERP
I don't often use EWT, mostly because I can spot a 5 count in everything, and it feels very subjective, but let's see how this thesis holds up.
Using my Confluence indicator (not public), DYDX reached somewhat of a clear Top on a HTF. Logically I want it to have a smooth ride down Wave #4, but as per textbook rules, if it goes below peak of Wave #1 or below Fib 0.382 ($18.3), the entire structure is invalidated and back to the drawing board.
My SHORT target is towards $18.3 (Fib 0.382)
If that works out, I expect to enter a LONG towards R1 $22.9 and then R2 $27.3
I trade on FTX so naturally charts are a bit different on Binance Futures and Spot, adjust targets accordingly. I also trade with x1 Leverage, because it's not a race
p.s. I see mixed signals on a 1H chart, if you enter a trade, keep a close eye!
DYDXUSDTPERPDYDXPERP
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