DYDX/BTC has been in a steep downtrend for months, but we might be seeing signs of a potential reversal. The pair is currently testing a key support level within a descending channel, with price action suggesting a possible bounce.
Key Levels to Watch:
Indicators & Market Structure:
The price is hovering around the lower bound of the channel, which has previously acted as a strong demand zone.
DMF Index shows a potential momentum shift, with green bars indicating early bullish divergence.
If bulls can hold this zone, we might see a relief rally towards mid-channel resistance.
Strategy Outlook:
A long position from the current levels offers an attractive R/R ratio. However, a breakdown below 0.00000850 could signal further downside. The coming days will be critical in confirming whether this is a local bottom or just another temporary pause before further declines.
Key Levels to Watch:
- Support Zone: ~0.00000900 - 0.00000950
- Resistance Levels: ~0.00001200 (short-term), ~0.00001500 (major)
- Target: 0.00001316 (+32.92%)
- Stop Loss: 0.00000850 (-5.21%)
- Risk/Reward Ratio: 5.2
Indicators & Market Structure:
The price is hovering around the lower bound of the channel, which has previously acted as a strong demand zone.
DMF Index shows a potential momentum shift, with green bars indicating early bullish divergence.
If bulls can hold this zone, we might see a relief rally towards mid-channel resistance.
Strategy Outlook:
A long position from the current levels offers an attractive R/R ratio. However, a breakdown below 0.00000850 could signal further downside. The coming days will be critical in confirming whether this is a local bottom or just another temporary pause before further declines.
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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.
Related publications
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.