Like some other DEX (Decentralized Exchange) cryptos, DYDX had made a 125% jump from its ATL at $1 on 18/06. A very nice performance which indicates that DYDX is a very intesting symbol to keep an eye on.
However, at this time DYDX is showing some weakness. A bearish divergence and an Evening Doji Star candle are being formed (in 12H TF). As a consequence, a double top will be formed as well.
For these reasons, a short setup is proposed as in chart.
Enter when the current candle finishes in red
Invalidation is when there is a 12H candle closing above $2.15
Targets are the blue lines and Stoploss is the red one.
In my opinion, $1.7 is a strong support where DYDX will strongly bounce. We need to observe the reaction of DYDX at this level to see if a continuation or a reversal will be the next move (provided that the first leg down to $1.7 will have been done).
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DYDX is moving as expected (while BTC is being rejected by its MA 200W)
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TP1 $1.959 hit (+5% profit)
Trade stängt: Stopp nått
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SL hit for this trade. Crypto and stock markets has strongly bounced.