USDT DOMINANCE CLOSE TO THE RESISTANCE LEVEL.
Welcome members to this update on USDT Dominance.
If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on them or use them to understand the market.
The USDT.D is once again close to the resistance level. In a 3 days timeframe, this resistance trendline has worked perfectly. Now, the interesting thing we need to notice is the RSI. Even though the USDT.D bounced back from the 3.77% support level, it failed to bring enough volume. This could be one of the signs projecting a drop in the USDT dominance.
To further understand the dominance upcoming scenario here are some key points we need to be aware of.
1. The 21 MA support: The 21 MA is acting as a support for the dominance right now. If the dominance bounces back from this level then we can expect the dominance to hit the resistance level soon. A rejection on the other hand will confirm a good rally incoming on BTC and other altcoins.
2. The resistance level (4.7% to 4.8%): If the USDT.D intends to climb up to this level then we will see some correction in BTC and other altcoins.
Honestly, the USDT Dominance looks bearish in a longer timeframe and soon we will see a big drop incoming. The only invalidation point will be the 5% resistance level. If the dominance breaks out of this level then the direction of the entire market will change.
What do you think about the dominance? Let me know your thought.
Thank you.
If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on them or use them to understand the market.
The USDT.D is once again close to the resistance level. In a 3 days timeframe, this resistance trendline has worked perfectly. Now, the interesting thing we need to notice is the RSI. Even though the USDT.D bounced back from the 3.77% support level, it failed to bring enough volume. This could be one of the signs projecting a drop in the USDT dominance.
To further understand the dominance upcoming scenario here are some key points we need to be aware of.
1. The 21 MA support: The 21 MA is acting as a support for the dominance right now. If the dominance bounces back from this level then we can expect the dominance to hit the resistance level soon. A rejection on the other hand will confirm a good rally incoming on BTC and other altcoins.
2. The resistance level (4.7% to 4.8%): If the USDT.D intends to climb up to this level then we will see some correction in BTC and other altcoins.
Honestly, the USDT Dominance looks bearish in a longer timeframe and soon we will see a big drop incoming. The only invalidation point will be the 5% resistance level. If the dominance breaks out of this level then the direction of the entire market will change.
What do you think about the dominance? Let me know your thought.
Thank you.
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