Market Cap USDT Dominance, %Updated Quick Thoughts and Analysis on #USDT.D
The rise in USDT dominance has sent the market into a tailspin, with #BTC dropping to nearly 6K.
It's not just #bitcoin that's taken a beating; alts have too, and many are down by 30%.
I'm honestly expecting a 1.618 reversal on the H4 TF for #USDT.D at 4.33(4)%. If that doesn't happen, we might see more carnage as it heads towards 4.49%.
We're seeing some decent pattern formations here – BAT and Anti BAT – but we'll have to wait and see if #USDT.D can break 4.33% or reverse for these patterns to be valid.
I'm really hoping for a reversal here. If it happens, I'm looking for it to bounce back to 4.04% to sweep the H4 FVG and return to the HTN (High Traded Nodes H1 for Volume), which would both be great entries to short #BTC and alts again.
Additional note
Potential areas to bounce besides 4.04%: 4.16%, 4.17%, and 4.11%.
Disclaimer:
The information provided is for educational and informational purposes only and should not be construed as financial advice. I am not a financial advisor, and my opinions are based on my own analysis and research. Trading involves significant risk and is not suitable for everyone. Always conduct your own research (DYOR) and consider seeking advice from a licensed financial advisor before making any investment decisions. Trade at your own risk, and never invest more than you can afford to lose.
It's not just #bitcoin that's taken a beating; alts have too, and many are down by 30%.
I'm honestly expecting a 1.618 reversal on the H4 TF for #USDT.D at 4.33(4)%. If that doesn't happen, we might see more carnage as it heads towards 4.49%.
We're seeing some decent pattern formations here – BAT and Anti BAT – but we'll have to wait and see if #USDT.D can break 4.33% or reverse for these patterns to be valid.
I'm really hoping for a reversal here. If it happens, I'm looking for it to bounce back to 4.04% to sweep the H4 FVG and return to the HTN (High Traded Nodes H1 for Volume), which would both be great entries to short #BTC and alts again.
Additional note
Potential areas to bounce besides 4.04%: 4.16%, 4.17%, and 4.11%.
Disclaimer:
The information provided is for educational and informational purposes only and should not be construed as financial advice. I am not a financial advisor, and my opinions are based on my own analysis and research. Trading involves significant risk and is not suitable for everyone. Always conduct your own research (DYOR) and consider seeking advice from a licensed financial advisor before making any investment decisions. Trade at your own risk, and never invest more than you can afford to lose.
Trade closed: target reached
Disclaimer
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