Hello everybody, DYDX strongly bounced from the support level at $11.7. Buyers have resolutely protected this level and we might expect growth in the area of $20-22, but in the short-term, we are still bearish.
The levels to watch:
Daily support level $21.5
Daily resistance level $11.7
Point of control (from 250 bars) $15.7 (resistance)
Point of control from previous day $12.7 (support)
Volume has been slowly decreasing for about ten hours same as Open interest which indicates that this strong move from our support level at $11.7 is starting to fade, which means a slight decline is comming. Also, CVD is not following the move. This shows that there is a lack of aggressive participants and can be a sign of exhaustion.
Over the weekend we will probably see a slow decline, but then I expect a further increase to $15.7(POC). And after claiming that level a sure fixing of the price above $21 will open the way for growth to ATH, but if we break through our support level at $11.7 then we should see move to $7-$8.
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Disclaimer: Not financial advice. Please be careful when trading this channel is just my opinion and perspective of what the charts look like in my opinion. This is to be used ALONGside your technical analysis and to give you things think about that you might have missed. You have to make your own decisions investing is risky. Don't invest what you can't afford to lose.
Hope you found today’s article helpful. Have a nice weekend :)