Market & Ticker: DYDX - DYDX/USDT
Date: 08/12/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
DYDX is showing an upside trend development at current level with Mathematical indicators at support for an imminent bullish dynamic.
As long as 1,95 remain a tactical support valid (daily close) a larger rise to 4,75 is expected before 7,85 in extension.
In alternative a failure below 1,95 in the coming days/weeks will increase the risk to test 1,60 and 1,10 Strategic support invalidating the direct bullish move
Technical Key Elements:
- RSI Indicator is evolving in bullish area above 50 above trend line
- The Moving average are supports
- Fibonacci key support is adjusted at 1,95 while the key resistance is adjusted at 7,85
Trade Idea conclusion: Bullish - Conviction (Medium)
• Target 2: 7,85 • Target 1: 4,75 • Buy swing: add in dip area 3,00 • Stop: 1,95 (daily close)
More Analysis on Telegram : Rayn Market Minds
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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