DYDX/USDT: Critical Area for Rebound?
DYDX/USDT has been holding it's ground so far. But for how long?
After touching the $25 zone it retraced quickly towards the $21 region.
Heavy resistance around $22.275 $22.46 region. It it breaks that we cud see DYDX head to reclaim the $23 and beyond ones.
The Blue region on the chart looks like it toughest demand zone for now. If it lose that; we are headed to test the trendline of what looks to be forming like a Falling wedge.
Other Indication on VOLUME:
On Balance Volume at the bottom of the chartshows an ascending movement. Which could be VOLUME building up. But again; it should maintain the upwards trajectory for a breakout to give us more confirmation on DYDX breakout.
2 Possible scenarios: On a 4H TF
1) Either we get enough momentum to rebound from the Blue zone
2) Or we look for a rebound off the falling wedge trendline.
P.S.: New York / US Brink session will help decide the fate of the reversal for DYDX if any major momentum has to be looked for.
Do share and happy to hear any feedbacks or suggestions.
Stay Safe. And happy trading!
After touching the $25 zone it retraced quickly towards the $21 region.
Heavy resistance around $22.275 $22.46 region. It it breaks that we cud see DYDX head to reclaim the $23 and beyond ones.
The Blue region on the chart looks like it toughest demand zone for now. If it lose that; we are headed to test the trendline of what looks to be forming like a Falling wedge.
Other Indication on VOLUME:
On Balance Volume at the bottom of the chartshows an ascending movement. Which could be VOLUME building up. But again; it should maintain the upwards trajectory for a breakout to give us more confirmation on DYDX breakout.
2 Possible scenarios: On a 4H TF
1) Either we get enough momentum to rebound from the Blue zone
2) Or we look for a rebound off the falling wedge trendline.
P.S.: New York / US Brink session will help decide the fate of the reversal for DYDX if any major momentum has to be looked for.
Do share and happy to hear any feedbacks or suggestions.
Stay Safe. And happy trading!