USDT DOMINANCE UPDATE: WILL IT HOLD THE SUPPORT???
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 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 been rejected as expected and if it continues to dip then 4% support is not far away. This will be an important area where we need to be extra careful. 4% is a strong support level for USDT.D and ever since this lower trendline has been created at the beginning of the year, the USDT.D has always respected this trendline. So, there are chances that the USDT.D will once again respect this trendline and bounce back.
What interesting can happen is if the USDT.D breaks down below the 4% support level. That will be a disaster for the dominance but a boom for BTC and other altcoins. Now, we also need to keep in mind that a bounce is expected anytime soon and if that happens, BTC and other altcoins (which are at resistance level) will possibly fall.
So, be careful with your trade setups. If USDT.D shows any sign of long green candles, that would mean that the dominance is trying to bounce back and we can possibly short some coins. I will update more on that later but for now, let's stay extra alert.
Let me know what you guys think.
Do like and comment.
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 been rejected as expected and if it continues to dip then 4% support is not far away. This will be an important area where we need to be extra careful. 4% is a strong support level for USDT.D and ever since this lower trendline has been created at the beginning of the year, the USDT.D has always respected this trendline. So, there are chances that the USDT.D will once again respect this trendline and bounce back.
What interesting can happen is if the USDT.D breaks down below the 4% support level. That will be a disaster for the dominance but a boom for BTC and other altcoins. Now, we also need to keep in mind that a bounce is expected anytime soon and if that happens, BTC and other altcoins (which are at resistance level) will possibly fall.
So, be careful with your trade setups. If USDT.D shows any sign of long green candles, that would mean that the dominance is trying to bounce back and we can possibly short some coins. I will update more on that later but for now, let's stay extra alert.
Let me know what you guys think.
Do like and comment.
Thank you.
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