USDT DOMINANCE UPDATE: IT'S ALL ABOUT THE SUPPORT AND RESISTANCE
Welcome members, old and new ones to this USDT Dominance update.
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 in 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 it or use it to understand the market.
Let's get back to the chart.
The USDT.D has scaled up a little towards the upper trendline and as it is moving forward, we get to see some interesting support and resistance game here. The chart may look a little confusing because of all these trendlines but trust me these trendlines defines the next move on the entire market.
There is two major resistance, one is at 4.86% and another one at 5.15%. We can clearly see that the USDT.D got rejected multiple times from this Resistance 1 level and twice from Resistance 2. If we consider the current red candle as rejection then I guess this is where the dominance will fall and the entire market will rise.
But if we consider things another way around then USDT.D can rally higher up to Resistance 2. The USDT.D broke out of the yellow dotted trendline and it is currently retesting. This level also has a support of 21 MA which makes the dominance hard to fall.
I am considering a rejection to come soon on USDT dominance. It could either be now or after reaching Resistance 2. Either way, the dominance will possibly fall.
Do like and follow for more updates.
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 in 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 it or use it to understand the market.
Let's get back to the chart.
The USDT.D has scaled up a little towards the upper trendline and as it is moving forward, we get to see some interesting support and resistance game here. The chart may look a little confusing because of all these trendlines but trust me these trendlines defines the next move on the entire market.
There is two major resistance, one is at 4.86% and another one at 5.15%. We can clearly see that the USDT.D got rejected multiple times from this Resistance 1 level and twice from Resistance 2. If we consider the current red candle as rejection then I guess this is where the dominance will fall and the entire market will rise.
But if we consider things another way around then USDT.D can rally higher up to Resistance 2. The USDT.D broke out of the yellow dotted trendline and it is currently retesting. This level also has a support of 21 MA which makes the dominance hard to fall.
I am considering a rejection to come soon on USDT dominance. It could either be now or after reaching Resistance 2. Either way, the dominance will possibly fall.
Do like and follow for more updates.
Thank you.
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