🔴DYDX/USDT Sell Signal 📉
(Before that let’s spare a moment, visit to my profile and just vote there )
➡️Entry Point:
➖Consider entering a short position around the $1.12 mark, as it faces strong resistance and is likely to be rejected again.
➡️Stop Loss (SL):
- Set a Stop Loss just above the resistance at $1.20 to account for a possible false breakout.
➡️Take Profit (TP) Levels:
1. First Target: $1.050 💰
2. Second Target: $0.95 🔥
3. Final Target: $0.839 🏆
➡️Indicators:
➖RSI:The RSI is approaching overbought territory, suggesting potential for a reversal, which supports a short position.
➖MACD:The MACD is showing signs of weakness and a potential crossover in the future, indicating bearish momentum building up.
➡️Trend Analysis:
- The price is repeatedly failing to break above the 50 and 100 moving averages, signaling a bearish rejection at the $1.12 level.
- The price structure shows an ascending wedge that typically leads to a bearish breakdown if it doesn’t break to the upside soon.
➡️Risk Management:
- Suggested leverage: 3x-5x leverage, as this is a relatively safe resistance point for a short.
- Keep risk-to-reward ratio at 1:3 to maximize returns while minimizing risk.
➡️Capital Allocation:
➖Risk: Allocate 1%-2% of your capital based on risk tolerance for this short setup.
Stay cautious and execute proper risk management! 🚨📉
👉🏻Disclaimer: DYOR NFA
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