Tether Dominance - showing signs of pivotal movementUSDT Dominance is currently at a level of strong longer term trend SUPPORT (i.e. market resistance level).
Red circles represent contact with the current trend support which signals the selling of USDT (i.e. buys in the crypto market), with a current double bottom shown.
Green circles represent the current trend resistance hits and USDT sell-offs (crypto market rallies).
With the FOMC meeting starting today and concluding tomorrow, FED announcements will dictate "loss of this support" (market rally) or a "Bounce at support" (market sell-off).
Trendresistance
Bitcoin Daily Chart$44k is the most important support near. Its breakdown could pull the price around $41k.
The rectangle is drawn on the 1-hour time frame, I expect it to break upwards with a resistance. If so, the next stop will be between $50k and $51k.
Trend Key Points Indicator have been used to draw important key levels and key points.
Weekly Watchlist! 7/26 - 7/30Here is what stocks we are going to be keeping an eye on this week!
NASDAQ:WDAY
We are looking for a move here over $242 with target levels of $243.50, $246, and $248
NASDAQ:ATVI
Like how we are holding the 200sma just under trend resistance, we are looking for a move here over $92 for a run into earnings with a target of $93, $94, and $95
NASDAQ:NVDA
Looking for a break of resistance here over $197 with targets of $198, $199, and $200
NYSE:SQ
Looking for another break of trend resistance here for a move over $268 with targets of $270, $272, and $276
BTCUSDT | Descending Wedge | Trend Resistance | BearishToday's analysis – BTC USDT – Forming a probable descending wedge following a strong rejection at trend resistance
Points to consider:
- Macro trend bearish
- Descending wedge pattern
- Below average volume
- RSI neutral
A strong price rejection at trend resistance, forming a lower high on the chart indicates downtrend continuation for BTCUSDT.
Trading within a descending wedge pattern, BTC's technical target is Daily support.
A bullish break of this pattern, BTC is likely to re-test trend resistance whereas breaking bearish, a breakdown to weekly support is probable.
Volume nodes are declining and below average, an influx is to be expected at the break of the descending wedge pattern as it coincides with daily support.
RSI is neutral as volume declines and volatility contracts. Again, further price action and a break of the pattern will allow for directional bias. Oscillators trading below 50 is bearish and above 50; bullish.
Overall, in my opinion, an S/R flip at daily support validates a short trade to weekly support.
Until a successful S/R flip re-test of trend resistance is formed, I am bearish and will look to short BTC.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!