USDT DOMINANCE: IN SHORTER TIMEFRAME.
Hello traders, here's another update on USDT.D in a shorter timeframe.
Timeframe: 8 hours.
Update: In my most recent update on the USDT.D, I mentioned that a bounce is likely possible. That update was on a higher timeframe and I will definitely stick to it. Now, when we see the chart in a lower timeframe, a rejection towards the lower support is possible and then a bounce back. This rejection level is at 6.6% and in lower TF if the dominance dips then BTC and altcoins will rally.
Pattern: In this 8-hour TF, the USDT.D has formed a pattern that looks like a 'Bearish Expanding Triangle'.
Conclusion: A rejection of the USDT.D can be expected in a lower timeframe which will give some room for BTC and other altcoins to grow. But if the dominance breaks above the 21 MA resistance (7.44%) then things will go totally opposite.
Note: This update is purely on a shorter timeframe. Don't get confused with the higher timeframe update. Both updates have their invalidation point so take your trades accordingly.
Timeframe: 8 hours.
Update: In my most recent update on the USDT.D, I mentioned that a bounce is likely possible. That update was on a higher timeframe and I will definitely stick to it. Now, when we see the chart in a lower timeframe, a rejection towards the lower support is possible and then a bounce back. This rejection level is at 6.6% and in lower TF if the dominance dips then BTC and altcoins will rally.
Pattern: In this 8-hour TF, the USDT.D has formed a pattern that looks like a 'Bearish Expanding Triangle'.
Conclusion: A rejection of the USDT.D can be expected in a lower timeframe which will give some room for BTC and other altcoins to grow. But if the dominance breaks above the 21 MA resistance (7.44%) then things will go totally opposite.
Note: This update is purely on a shorter timeframe. Don't get confused with the higher timeframe update. Both updates have their invalidation point so take your trades accordingly.
USDT.D Update:
The USDT.D didn't play as expected. It broke above the 21 MA resistance. The current scenario could be a little disturbing for the market cause the USDT.D could possibly reach the 8.4% level where we have a slight resistance. That means BTC and other altcoins will show some more correction. This could be a good time for accumulation if we see the drops.
More updates coming in.