DYDX/BTC: Bottoming Out or More Pain Ahead?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:
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.
