DYDX Price Analysis: DYDX Bottom Hit?

DYDX Price Analysis: DYDX Bottom Hit?

By Fizz on my Jayce | My Price Analysis | 19 Nov 2021


 
661de27b3b065bd4b155baf2f72b2aa8c71d8cb74e7cb8f81ac9b05c71e841d7.png
 
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.
 
ff3e98e52ea1af259099f84958901fec68b4a008d90778dfdd0510158ffa8528.png
 
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)
 
4eba5974449f6cf2979d137847a81b4e4d8c7cdeabf311f9961bf4c56b33ffd9.png
 
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.
 

 

Links below are affiliate links and I earn small commission at no extra cost to you. I only recomend products I truly believe in.

⇢ Best Crypto Exchanges:

1INCH ➜ 1inch is a decentralized exchange (DEX) aggregator, which means it scours the cryptocurrency market to find the best rates and lowest fees for your trades. ➜ LINK

⇢ Earn Passive Income here:

NEXO ➜ The world's largest lending institution in the digital finance industry. Until 31 December Nexo give you $25 of Bitcoin when you sign up using a referral link and deposit $100 worth of crypto or fiat for 30 days. ➜ LINK

 

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 :)

How do you rate this article?


2

0

Fizz on my Jayce
Fizz on my Jayce

Crypto trader & Investor. I show my opinions, trading tips, and nothing is financial advice.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.