Is it time to get back on dYdX?

First, we called out that $3 area as being a really important support level. We wicked below it but have started reclaiming that level and the upward trendline, which is great👍.

We also pointed out a Fibonacci retracement level aligning with that support, putting us in a solid buy zone. If buyers step in here, we could see a double top form up around $4.40.

Now, if price keeps dropping, this whole area is still a key accumulation zone on DYDX. We're not even close to breaking weekly support. But we'd rather see us reclaim $3 first for a safer setup targeting the previous highs.

Basically, right now, $3 is the big level to watch on the daily chart. Reclaim that, and the uptrend may resume. If we lose it, we could go deeper, though longer-term buyers may step in. 

Either way, it’s a solid case for accumulation here!

TLDR: the main things to note on dYdX;

• Watch $3 to hold as support.
• Doublecheck that it aligns with the Fib level and trendline.
• It’s a good buy zone either way, but it's safer if $3 holds.
• Targets around $4.40 if we bounce.