USDT DOMINANCE: AT THE SUPPORT.
Hello traders, welcome to this USDT Dominance update.
Timeframe: 3 Days.
Description: Tether’s USDT is widely recognized as the first stablecoin, where USDT stands for the symbol of Tether's USD stablecoin (also known as Tether). In terms of market capitalization, it’s fourth overall. It was launched in 2014 as a digital token backed by fiat currency, where the USDT is pegged at 1:1 to the U.S. Dollar to ensure stability in the exchange price.
Update: The USDT.D is at the support 1 level (7%), and like I mentioned in my previos update, a bounce can be expected. We still have roughly 2 days left for the candle to close and if the USDT.D sustains this support 1 level then the next opening candle could turn green. On the other hand, if the the USDT.D breakdown below the S1 level then I expect the dominance to drop up to S2 (5.7%) which means BTC and other altcoins will rally higher.
Conclusion: Taking a bullish trade on BTC and other altcoins could be tricky at the moment. So, you can do scalping on either long or short positions.
Do like and follow for more updates.
Thank you.
Timeframe: 3 Days.
Description: Tether’s USDT is widely recognized as the first stablecoin, where USDT stands for the symbol of Tether's USD stablecoin (also known as Tether). In terms of market capitalization, it’s fourth overall. It was launched in 2014 as a digital token backed by fiat currency, where the USDT is pegged at 1:1 to the U.S. Dollar to ensure stability in the exchange price.
Update: The USDT.D is at the support 1 level (7%), and like I mentioned in my previos update, a bounce can be expected. We still have roughly 2 days left for the candle to close and if the USDT.D sustains this support 1 level then the next opening candle could turn green. On the other hand, if the the USDT.D breakdown below the S1 level then I expect the dominance to drop up to S2 (5.7%) which means BTC and other altcoins will rally higher.
Conclusion: Taking a bullish trade on BTC and other altcoins could be tricky at the moment. So, you can do scalping on either long or short positions.
Do like and follow for more updates.
Thank you.
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