USDT Dominance + USDC Dominance 1WIMPORTANT!
CRYPTOCAP:USDT Dominance + CRYPTOCAP:USDC Dominance
These two dominances show us the cash position in the market. This is the crudest expression.
With the rise of this chart, we can see that there is an increase in cash transitions in the market or hot money inflows to the market.
In my previous post, I shared information that there may be a movement from the bottom to the falling trend line (red) above. Because this possibility was much higher. The reason was that it made a double bottom formation, supported by the rising trend line (green) and also pointed to a harmonic pattern.
With the OB level on the daily chart, the price retreated with the falling trend line (red) acting as resistance. With its retracement, the upward movement on the BTC side was realised. Because as it is known, this chart works in inverse correlation with the BTC chart.
If this chart continues its upward movement, that is, if it breaks the falling trend line and provides a movement towards 11% levels, then we can see much deeper declines on the BTC side.
Let me add one more comment to overlap here;
On the BTC side, I have been emphasising that I have an expectation of $123k - $130k for the first batch for a long time. So if this chart moves one round lower than these levels, to the bottom of the rising trend line (green), it is possible to see the levels I mentioned on the BTC side. Then again, the dominance chart will now move upwards and may cross the red line, which is the falling trend line, and move towards 11% levels.
Of course, there are other OB resistances on the route, and a pre-bullish retest will probably do. This gives misleading information that the decline on the BTC side is over.
If BTC really returns from the level I mentioned above and moves as I explained in this chart, there may not be a second spring in the market until it reaches 11% levels.
