DYDXUSDT is exhibiting a favorable technical setup, suggesting the potential for a bullish trend continuation. Here's a concise analysis and trade plan:
Breakout and Retest: DYDXUSDT has successfully broken out from a bearish trendline on the 4-hour timeframe and subsequently retested the trendline and a support zone. This is a classic pattern indicating a shift in market sentiment from bearish to bullish.
Bullish Divergence: Additionally, a bullish divergence is observed on the 4-hour timeframe, signaling potential strength in the bullish move.
Trade Plan:
Entry: Consider entering a long position at the current market price or through a BUY STOP order at a price slightly above the breakout level, around $2.90.
Stop Loss (SL): Set the stop loss at $2.45. If any 4-hour candle closes below this level, it could indicate a potential reversal or loss of bullish momentum, triggering the stop loss.
Take-Profit Levels:
TP 1 @ 1:1 = $3.35.
TP 2 @ 1:2 = $3.80.
TP 3 @ 1:3 = $4.25.
Break-Even (BE): After reaching the first take-profit level, consider adjusting the stop loss to the entry point (breakeven) to secure profits and minimize further risk.
This trade plan is designed to capitalize on the breakout, retest, and bullish divergence in DYDXUSDT, providing clear entry, stop-loss, and take-profit levels. Keep in mind that cryptocurrency markets can be volatile, so always stay vigilant and adapt your strategy as needed.
Breakout and Retest: DYDXUSDT has successfully broken out from a bearish trendline on the 4-hour timeframe and subsequently retested the trendline and a support zone. This is a classic pattern indicating a shift in market sentiment from bearish to bullish.
Bullish Divergence: Additionally, a bullish divergence is observed on the 4-hour timeframe, signaling potential strength in the bullish move.
Trade Plan:
Entry: Consider entering a long position at the current market price or through a BUY STOP order at a price slightly above the breakout level, around $2.90.
Stop Loss (SL): Set the stop loss at $2.45. If any 4-hour candle closes below this level, it could indicate a potential reversal or loss of bullish momentum, triggering the stop loss.
Take-Profit Levels:
TP 1 @ 1:1 = $3.35.
TP 2 @ 1:2 = $3.80.
TP 3 @ 1:3 = $4.25.
Break-Even (BE): After reaching the first take-profit level, consider adjusting the stop loss to the entry point (breakeven) to secure profits and minimize further risk.
This trade plan is designed to capitalize on the breakout, retest, and bullish divergence in DYDXUSDT, providing clear entry, stop-loss, and take-profit levels. Keep in mind that cryptocurrency markets can be volatile, so always stay vigilant and adapt your strategy as needed.
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TP 1 HIT 🎯✅
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.
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.