Back in Feb when USDT dominance was at 4.7% level, it was stated that the index was about to rise and in reality the same took place and the rise in USDT dominance caused heavy dumps across the entire market.
USDT.D is now in the vicinity of the long term descending trendline and some initial bearish signs are visible. Since it is the 3rd touch of the said trendline, we don't usually expect a crossing unless (for any reason) a strong sell pressure in the market kicks in.
The main scenario here is a drop in the index which means a rise in the market.Yet, it needs some more time to do so and the trigger for the drop shall be the breaking of the indicated blue trendline.
The alternate scenario is that USDT.D crosses above the long term descending trendline causing more drop in the market for the coming weeks and months.
USDT.D is now in the vicinity of the long term descending trendline and some initial bearish signs are visible. Since it is the 3rd touch of the said trendline, we don't usually expect a crossing unless (for any reason) a strong sell pressure in the market kicks in.
The main scenario here is a drop in the index which means a rise in the market.Yet, it needs some more time to do so and the trigger for the drop shall be the breaking of the indicated blue trendline.
The alternate scenario is that USDT.D crosses above the long term descending trendline causing more drop in the market for the coming weeks and months.
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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.