DYDX - Be ready to catch the dip
Updated
We can see from the price action of DYDX that there is heavy rejections for the bulls.
The chart shows that we have broken the current support around 20 dollars. There has been an attempt to bounce right back but bears seems to be in control all the time.
We can also see from the chart that we are forming a bearish wedge, which tip is around 18.500 area. 18.500 also happens to be 0.5 fib level which shall serve as support.
I see that we could visit 18.500 price point before we flush out all the panic sellers and then from there, bulls will take over.
Stoch is currently at the oversold area, which means that there could be a reversal anytime soon. Once the reversal has been confirmed, then it is very probable that we see ne highs.
The chart shows that we have broken the current support around 20 dollars. There has been an attempt to bounce right back but bears seems to be in control all the time.
We can also see from the chart that we are forming a bearish wedge, which tip is around 18.500 area. 18.500 also happens to be 0.5 fib level which shall serve as support.
I see that we could visit 18.500 price point before we flush out all the panic sellers and then from there, bulls will take over.
Stoch is currently at the oversold area, which means that there could be a reversal anytime soon. Once the reversal has been confirmed, then it is very probable that we see ne highs.
Note
If 17.90 support breaks, then we might see the price drop to 16.100. If BTC does a flash crash, then we might drop to 13.100 really fast and then bounce back to 16 real quick.
Remember, the market discounts everything. Trade at your own risk. Not financial advice.
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.