descending channel + possible breakout big jump ahead !
Hello Traders,
- As we noticed recently we are seeing DYDX IN bearish mode , it's an Ethereum-connected coin that will have a pump soon if managed to breakout from our non horizontal trendline.
- The price trend was downwards for the past weeks, as after hitting a record high of $26.8, the token started correcting in the range of $23 to $18, but from yesterday the token again started an up move and made quite a jump.
- On 1D time chart we can see an overall bullish uptrend , price is respecting the non horizontal trendline acting as support (area of value )
- On 4H time chart a descending channel was formed price is squeezed making lower lows and lower highs , volume is low since we are in this channel
Once we have a possible breakout we can see clearly a rise in buying volume , confirmation will happen after breakout of this channel toward support/resistance level 21$ 21,7$ if buyers managed to break these level we will have a decent upward trend towards our ATH 26$ and above
- I am overall bullish on the longer term trend yet bearish on the short term until i see a clear breakout along with decent amount of volume.
Good Luck traders!
- As we noticed recently we are seeing DYDX IN bearish mode , it's an Ethereum-connected coin that will have a pump soon if managed to breakout from our non horizontal trendline.
- The price trend was downwards for the past weeks, as after hitting a record high of $26.8, the token started correcting in the range of $23 to $18, but from yesterday the token again started an up move and made quite a jump.
- On 1D time chart we can see an overall bullish uptrend , price is respecting the non horizontal trendline acting as support (area of value )
- On 4H time chart a descending channel was formed price is squeezed making lower lows and lower highs , volume is low since we are in this channel
Once we have a possible breakout we can see clearly a rise in buying volume , confirmation will happen after breakout of this channel toward support/resistance level 21$ 21,7$ if buyers managed to break these level we will have a decent upward trend towards our ATH 26$ and above
- I am overall bullish on the longer term trend yet bearish on the short term until i see a clear breakout along with decent amount of volume.
Good Luck traders!
註釋
price broke our support trend line, breakout was canceled
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