Hello traders, I hope your weekend went well. Here's a quick update on USDT dominance in 8 hours timeframe.
The USDT.D is right at the edge of a big fall or a big bounce. For a pretty long time, the USDT.D has been maintaining the rising wedge pattern and now the entire market is anxiously waiting for a drop-down. When will it happen is just an assumption but one thing is clear the USDT.D has reached its peak and soon we will see the collapse.
In a higher timeframe, the USDT.D is yet to reach the 9.4% resistance level. This may sound crazy but the USDT dominance still can rally higher for the last time making a double-top pattern. This will allow the traders to panic and get away from the market which will eventually make room for the big-bag buyers to jump in.
So, as per the present scenario, if the USDT.D bounce back then we can expect it to reach the 8.4% resistance level. On the other hand, a breakdown below the support line will possibly take a step ahead to form a bearish pattern in the dominance.