This chart is an analysis of USDT Dominance (as a percentage of total crypto market cap) on a 2-hour timeframe, posted on TradingView. Here's a breakdown of what the chart suggests:
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Interpretation:
Current Level: 4.81% (as marked on the right side).
Resistance Zone (Red Line - STOP LOSS): Around 4.92%
Support Zones:
Primary Support (Target Area): ~4.65%
Extended Take Profit (TSKE PROFIT): ~4.50%
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Trading Idea:
Bearish Setup:
The chartist expects a drop in USDT dominance, implying potential altcoin strength (as capital rotates from USDT into crypto assets).
The black zigzag line and arrows illustrate a projected drop from the current level (~4.86%) to the support zone (~4.65%).
A secondary target is placed around 4.50%.
Stop Loss:
If USDT dominance breaks above 4.92%, the trade idea is considered invalid.
Take Profit:
Primary TP zone: ~4.65%
Extended TP: ~4.50%
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Strategy Summary:
Element Value
Short Entry ~4.86%
Stop Loss ~4.92%
Take Profit 1 ~4.65%
Take Profit 2 ~4.50%
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Let me know if you'd like this analysis translated into a trading bot script, Pine Script, or a text format you can use in a trading journal.
---
Interpretation:
Current Level: 4.81% (as marked on the right side).
Resistance Zone (Red Line - STOP LOSS): Around 4.92%
Support Zones:
Primary Support (Target Area): ~4.65%
Extended Take Profit (TSKE PROFIT): ~4.50%
---
Trading Idea:
Bearish Setup:
The chartist expects a drop in USDT dominance, implying potential altcoin strength (as capital rotates from USDT into crypto assets).
The black zigzag line and arrows illustrate a projected drop from the current level (~4.86%) to the support zone (~4.65%).
A secondary target is placed around 4.50%.
Stop Loss:
If USDT dominance breaks above 4.92%, the trade idea is considered invalid.
Take Profit:
Primary TP zone: ~4.65%
Extended TP: ~4.50%
---
Strategy Summary:
Element Value
Short Entry ~4.86%
Stop Loss ~4.92%
Take Profit 1 ~4.65%
Take Profit 2 ~4.50%
---
Let me know if you'd like this analysis translated into a trading bot script, Pine Script, or a text format you can use in a trading journal.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.