DYDX is up 40% in one day, how to trade the market?

Support and Pressure Levels

• Support: 1.183 USDT
• Pressure level: 1.293 USDT

  Technical Indicator Analysis

  RSI: Currently overbought, suggesting a possible retracement in the short term.

  Trading Strategy

  Short term long strategy

• Direction: Long
• Entry Price: 1.213 USDT (current market price)
• Stop Loss: 1.183 USDT (support level)
• Target: 1.293 USDT (pressure level)
  Reason and Characteristics.
• Current market sentiment is skewed to the long side and inflows are favorable, indicating increased demand for DYDX.
• As the RSI is overbought, there may be a pullback in the short term, but entering near the support level reduces the risk.
• The target level is set at the pressure level, which is in line with the technical analysis of the market.

  Short term short strategy

• Direction: Short
• Entry price: 1.293 USDT (entry near pressure level)
• Stop Loss: 1.348 USDT (24 hours high)
• Target: 1.183 USDT (support level)
  Reasons and features.
• The RSI indicator is showing overbought, which could lead to a price pullback, so consider shorting near pressure levels.
• Stop Loss is set at the 24-hour high to ensure a timely stop in case of a market reversal.
• The target level is set at the support level, which is in line with the technical analysis of the market and the risk is relatively controllable.
  
  

  Author: Icing, Gate.io Researcher
  

  *This article represents only the views of the researcher and does not constitute any investment suggestions.All investments carry inherent risks; prudent decision-making is essential.
  

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