DYDX/USDT - bullish pennant with 2-3x potential
Updated
DYDX/USDT is showing a very promising bullish setup which will likely break out soon.
In this setup we can see a bullish pennant which is shaped like an inverted head and shoulders pattern that's near completion, successful retests of the previous downtrends and price sitting above the previous 2.50 resistance.
I really like the look of this setup and expect to see high double digit % returns and potentially even a 2-3x depending on the momentum of the breakout.
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- Buy zone: current price range, anywhere near the tip of the pennant or if you prefer a safer approach buy the breakout
- Targets are marked in the chart
In case of a pattern failure look for support on the dashed trend lines for a potential re-entry.
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I will try to keep this idea updated as the chart develops.
Best of luck and let me know what you think!
In this setup we can see a bullish pennant which is shaped like an inverted head and shoulders pattern that's near completion, successful retests of the previous downtrends and price sitting above the previous 2.50 resistance.
I really like the look of this setup and expect to see high double digit % returns and potentially even a 2-3x depending on the momentum of the breakout.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
- Buy zone: current price range, anywhere near the tip of the pennant or if you prefer a safer approach buy the breakout
- Targets are marked in the chart
In case of a pattern failure look for support on the dashed trend lines for a potential re-entry.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
I will try to keep this idea updated as the chart develops.
Best of luck and let me know what you think!
Trade active
The setup has developed exactly as expected so far and is now starting to move out of the buy zone and into breakout territory:Note
Successfully retested the breakout above resistance and price action is looking bullish here which makes it very likely that we'll see it continue higher today.15m chart:
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