Long Entry at Channel Bottom for dYdX
Updated
Greetings, Snipers!
In the shorter time frame, we can trade this channel:
We can take a long-entry now, at $1.00 - $1.10, and sell at $2.30 for a Risk-Reward ratio >5 (SL at $0.84).
Please be mindful that Bitcoin is on the verge of breakout of its continuation pattern to the downside, so manage your risks well!
Happy Sniping!
- DYDX has dropped >95% since its peak in 2021
- DYDX is currently at the bottom of its channel range at $1.00-$1.20, with previous strong retracements
- This may draw a potential sideway channel or a triple bottom pattern
- The $1.00 level is expected to be a strong psychological support
- $2.30 - $2.70 have posed to be a strong resistance level
In the shorter time frame, we can trade this channel:
We can take a long-entry now, at $1.00 - $1.10, and sell at $2.30 for a Risk-Reward ratio >5 (SL at $0.84).
Please be mindful that Bitcoin is on the verge of breakout of its continuation pattern to the downside, so manage your risks well!
Happy Sniping!
Trade closed: target reached
Sniped!We hit the target in less than 1 month.
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.