$DYDX$: Bullish [Extended Analysis]

Feb. 15 Update:

Position filled at 2.619 on an expected pullback. Based on reexamination, I am moving down my SL to 1.9773 while moving up my target to 5.0053.

The Medium-Term Play: 1-2 Months
3.72-to-1 PL Ratio.
Entry: 2.619; Target: 5.0053; SL: 1.9773.

Daily Resistance Zones

1. 2.7255 - 2.8486
2. 3.0069 - 3.1635
3. 3.5200 - 3.6725

Daily Support Zones

1. 2.5942 - 2.5372
2. 2.3989 - 2.3397
3. 2.2306 - 2.0733

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Feb. 01 Analysis:

What happened: 20EMA crossed 50EMA on Jan. 23. Then two days later, DYDX made a clean trendline breakout, and another one just yesterday [Jan. 31]. Interestingly, yesterday’s surge touched another trendline [also the 300EMA] but was unable to close above, indicating some hesitation from the bulls.

What will happen: As it stands, the current price of DYDX has already exceeded the previous three peaks on the daily timeframe, implying it will eventually retrace to the previous peak [2.253 - 2.695] from Nov. 14, 2022. With the 20EMA approaching the 200EMA, I am expecting that’s when the pullback will happen.

The Medium-Term Play: 1-2 Months
4.13-to-1 PL Ratio.
Entry: 2.619; Target: 4.553; SL: 2.151.

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TA Methodologies:

1. Supply & Demand Theories
2. Price Momentum
3. Fibonacci Retracements & Extensions SR Zones
4. Trendline Breakout
5. RSI Movement Strengths