USDT.D : No more room for ALTs to grow !
USDT.D
BTC.D
OTHERS.DHello everyone 😃
Before we start to discuss, I would be glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it !
In this post; I'm going to talk about the dominances and their affect on the market's structure in near futures !
📑 These will be our topics :
- USDT.D; Cup & Handle formed, Where are we heading to ?
- BTC.D; Reached the local support on 12H's time-frame, More upward movement expected...
- OTHERS.D; Possible three drives and a bearish break on RSI !
Now let's head to our article; Shall we ?
- USDT.D; Cup & Handle formed, Where are we heading to ?
As you can see on the chart given as main idea, There's a cup & handle formed on 4H's time-frame and it'll be confirmed after break-out above the grey zone ( Resistance zone, Supply ).
This means that the overall for crypto market is becoming bearish and #USDT.D can surge more that 28% according to cup $ handle's depth !
📌 Now as we know about the USDT's dominance; It's better to check on the other charts to make our overview more reliable, Follow me 👇🏼
- BTC.D; Reached the local support on 12H's time-frame, More upward movement expected...
Our next station will be at #BTC.D's chart to make decision on our holding bags.
#BTC.D is located on the local 12H's support and it's acting as Demand zone here ( There's no demand zone actually in dominances charts ! ).
Also there are couple of S/R zone and the resistance zone above...
Have to mention that we have a bearish trendline near above from the current level !
So, What is the expectation ?
I expecting a pull-back from the current support, Which means that scalpers will more focus on BTC in next days and the break-out above the resistance zone and the trendline will confirm the bullish pull-back from the support.
Which means that there's a possibility for #BTC.D to retest the higher S/R zone located on 47%'s level !
📚 With the information given above, Now we know that We'll have the bearish market ahead ( at-least another dive into 40K's Demand on BTC's chart ) and #BTC won't be the leader of the LONGs liquidations.
That's why I wanted to take a look into #OTHERS.D's chart too !
- OTHERS.D; Possible three drives and a bearish break on RSI !
Now the last importance for us is to know about our ALT's holding bags...
According to the information given above; There's a possibility for #OTHERS.D to form a three drives and also the RSI is kinda confirming the retest on trendline !
If we look into RSI; We can see the break below the movement one time; However there's another trendline that supporting the movement in 12H's time-frame.
But there's a dynamic resistance too !
So with the data that we extract from our RSI; There will be a retest on trendline and the current higher S/R line is confirming it.
Have to mention that, Any retest on trendline will activate our three drive's scenario and it'll increase the chance of breakdown below the trendline !
📚 In total, We have the info about the ALT's weaknesses in next days or even weeks; Which is suggesting to decrease our risks on our ALT's positions...
📑 Conclusion :
The bullish formation on #USDT.D's chart is suggesting that we have more downward movements on #BTC; However we need a confirmation above the mentioned resistance zone.
On the next factor we found-out that the #BTC.D's chart is following the #USDT.D's movement and it'll grow neither !
At the end the only weakness on dominance's charts is belongs to #OTHERS.D; Which means that in next downward movement we might see that #ALTs will bleed much more that #BTC.
In general you need to focus on your swings and close them in time. ( When you see any weakness on BTC's movement )
Hope you enjoyed the content I created, You can support us with your likes and comments !
Attention: this isn't financial advice we are just trying to help people on their own vision.
Have a good day!
Helical_Trades
🔴 Don't forget to join our channels for FREE Premium stuffs !
TELEGRAM :
t.me/Helical_Trades
Instagram ( Persian - فارسی ) :
instagram.com/helical_trades/
TELEGRAM :
t.me/Helical_Trades
Instagram ( Persian - فارسی ) :
instagram.com/helical_trades/
Related publications
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.