(DYDX/USDT on the 1D timeframe), here’s a technical analysis for a potential short-term trade setup:
Market Context:
The price is in a clear downtrend, forming lower highs and lower lows.
It recently broke below the support zone (purple box ~0.555–0.565), indicating bearish momentum.
The candle is currently retesting the broken support as potential new resistance (a classic bearish confirmation).
Possible Trade Setup (Short Bias):
Entry (Sell/Short):
Around $0.555 - $0.560
Wait for bearish confirmation at this level (e.g., a bearish engulfing or rejection wick on lower timeframes like 4H).
Ta