IMPORTANT UPDATE ON USDT DOMINANCE. DON'T MISS THIS!!!
Welcome folks to my new update on USDT Dominance. To analyze USDT.D, I am gonna use a higher time frame (2 days).
If you are viewing my post for the first time then do hit the like button and graciously follow as well. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest in my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on it or use it to understand the market.
The USDT dominance is rallying back to the resistance level at 5% rejecting all the drops. But is it gonna break above the resistance? The dominance has already hit the resistance level twice and if the dominance reaches the level then this will be the third attempt. In the chart, you can clearly see that back in 2021 between June & July, the USDT dominance made a double top and then got rejected. We can expect a similar move here only if the dominance stays below the 5% resistance level. Breaking above this resistance level will be a nightmare for BTC and other altcoins.
Let's take a look at the RSI. The USDT dominance might be rallying higher but there ain't enough strength in the RSI. The RSI is weak which indicates that the USDT dominance will fall sooner or later. I am keeping my eyes on it and waiting for the right opportunity to enter the market.
What do you think about the USDT dominance? Do you think that rejection is near or will it explode higher?
Let me know in the comments.
Like, and follow for more exclusive updates.
Thank you.
If you are viewing my post for the first time then do hit the like button and graciously follow as well. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest in my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on it or use it to understand the market.
The USDT dominance is rallying back to the resistance level at 5% rejecting all the drops. But is it gonna break above the resistance? The dominance has already hit the resistance level twice and if the dominance reaches the level then this will be the third attempt. In the chart, you can clearly see that back in 2021 between June & July, the USDT dominance made a double top and then got rejected. We can expect a similar move here only if the dominance stays below the 5% resistance level. Breaking above this resistance level will be a nightmare for BTC and other altcoins.
Let's take a look at the RSI. The USDT dominance might be rallying higher but there ain't enough strength in the RSI. The RSI is weak which indicates that the USDT dominance will fall sooner or later. I am keeping my eyes on it and waiting for the right opportunity to enter the market.
What do you think about the USDT dominance? Do you think that rejection is near or will it explode higher?
Let me know in the comments.
Like, and follow for more exclusive updates.
Thank you.
Like I said. The USDT Dominance will hit the 5% resistance level but it should not break above it. The market is making red but still under control. I will update more on this.