DYDX/USDT Market Update
Good morning! DYDX is currently trading at $1.695, showing remarkable recovery in recent days. However, the market needs to break through key resistance levels to sustain its bullish momentum.
Key Levels to Watch:
Resistance Targets:
$1.7931 (0.618 Fib) – A critical resistance level that needs to be broken to confirm the uptrend.
$1.8662 (0.705 Fib) – A significant hurdle to watch.
$1.9343 (0.786 Fib) – Long-term target.
Support Levels:
$1.5947 (0.382 Fib) – Short-term support.
$1.5000 – A strong support zone below.
Exciting Trading Strategies:
1. For New Entries:
Long Entry: Consider entering a long position if the price breaks above $1.7000.
Take-Profit Targets: Set profit targets at $1.7931, $1.8662, and $1.9343.
Stop-Loss: Protect your capital at $1.5947.
2. For Current Long Positions:
Hold: If the price breaks above $1.7931, stay in the trade to ride the trend.
Partial Take-Profit: Take partial profit at $1.8662 to reduce risk.
Final Target: Aim for a higher target at $1.9343.
Trailing Stop: Use a trailing stop at $1.6800 to secure your gains.
Pro Tip:
Always prioritize protecting your capital and locking in profits. Don’t let the market overwhelm your emotions—patience is key!
Wishing you a successful trading day with $DYDX! 🚀
