Hey everyone, just wanted to share an update on my recent venture into the world of Dymension cryptocurrency trading. I made the decision to invest when Dymension hit $69, driven by a convergence of technical indicators that pointed towards a strong opportunity:
1. Solid Technical Confluence: The $69 level was supported by the 200 EMA and the 0.618 Fibonacci retracement level, indicating a potential turning point.
2. Booking Profits: Managed to secure some profits as Dymension surged near $76, but I'm noticing a shift in momentum towards the bearish side.
3. Current Sentiment: While I remain positive about Dymension's future, I'm now more cautiously optimistic, acknowledging that the bullish momentum may be waning.
4. Bearish Signals: Observing the formation of a head and shoulders pattern in the open interest, suggesting a potential downturn in the market sentiment.
5. Key Resistance and Support Levels: Keeping a close eye on the $75 resistance level, with a bullish reversal contingent on Dymension breaking above it after finding support near $71.5.
6. Support Levels and Potential Scenarios: If $75 resistance holds, we might see a retest of support around $74-$75, and a failure to hold that level could lead to a drop back to the initial entry point at $69.
7. Remaining Alert: While hoping for $74 to act as a strong support level, I'm staying vigilant and ready to adapt to any shifts in the market dynamics, and I'll be sure to keep everyone updated.
Let's continue to monitor Dymension's trajectory together as we navigate these dynamic market conditions. Stay tuned for more updates on this exciting journey! 💼💰 #Crypto #dymension $DYM #Launchpool #Write2Earn #TradeNTell $BTC $
