DYDX/USDT Symmetrical Triangle
Updated
DYDX/USDT seems to be in a symmetrical triangle. Despite the dip in BTC last night, DYDX didn't seem to actually get hurt too bad in the bigger picture.
It created a new low on the daily compared to the previous but it is still within this triangle.
I'm somewhat neutral on this but if BTC continues down, I'd probably be looking for confirmation to short this.
If short confirmation happens, I would be looking to take something like this.
The stop loss is 1 daily ATR away, I would be looking for the bottom green box as an area for TP as the VRVP seems to be hanging around there, though it would have to get through the support above that at ~1.5
The momentum waves are also dying down on the MC-B indicator, which is why I'm looking for a short on this.
I will update if I take a trade here.
It created a new low on the daily compared to the previous but it is still within this triangle.
I'm somewhat neutral on this but if BTC continues down, I'd probably be looking for confirmation to short this.
If short confirmation happens, I would be looking to take something like this.
The stop loss is 1 daily ATR away, I would be looking for the bottom green box as an area for TP as the VRVP seems to be hanging around there, though it would have to get through the support above that at ~1.5
The momentum waves are also dying down on the MC-B indicator, which is why I'm looking for a short on this.
I will update if I take a trade here.
Trade active
Entered a short, didn't get the best entry as I completely forgot about this setup but nonetheless, it's decent enough. It broke down and retested and now we wait and see!Comment
I took some profit at this support level.
Comment
I waited for a little retrace and added again to the short, due to the market conditions. I expect it to go down considering BTC and yeah the rug is pulling so my next and probably final target is the second support box.
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.