Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
I always keep an eye on USDT.D to feel the overall crypto market.
📚 And today I want to show the correlation between BTC and USDT.D
📌 BTC has been stuck inside a range in the shape of a flat rising broadening wedge (in red)
BTC is currently approaching the lower bound / red trendline, so I will be looking for buy setups on lower timeframes. (to be confirmed after breaking an H1 high upward)
The bears would take over IF BTC break below the lower red trendline and zone. In this case, a movement till the demand zone 21500 in green would be expected.
📌 On the other hand, USDT.D is stuck inside a range between 6.5% and 7.0% support and resistance. And we are currently approaching the upper red trendline.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich