DYDX has bounced from the weekly support. However, it is showing the weakness at the local trendline resistance (in blue).
Moreover, when looking at its 1W TF chart (see screenshot below), prices had lost the wickless weekly trenline (the lower one of the descending channel). This one has become a resistance (seconde one, along with the blue trendline on 1D TF).
In my opinion, one could consider to short DYDX as setup shown in chart.
- Targets: levels of trend-based fibo
- SL: above the EMA 50D
- Invalidation would be: weekly close above the wickless weekly trendline with some strong signs (big buy volume for examble)
