USDT DOMINANCE: SHOULD WE BE WORRIED???
Hey guys, welcome to this USDT.D update in 6 hours timeframe.
If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at 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 them or use them to understand the market.
The USDT.D is still above the 5.5% resistance trendline in a longer TF which is now technically acting as support for the dominance. If you view the same chart in a longer TF then you'll notice that the USDT.D has actually retested and getting ready to bounce back.
In this 6-hour TF, the dominance is breaking out of the triangle which looks like a descending triangle to me. Usually, the descending triangle is a bearish pattern but in some cases, it could be bullish too and we call it a 'Reversal Pattern'. If the dominance has to bounce then it may reach all the way to 6.5% to 7.2%. This means that BTC and other altcoins will drop. A breakdown on the other hand could drop the dominance up to 5.5%.
We still have roughly 4 hours for the candle to close so let's see what will happen next.
Until then, trade safely.
If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at 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 them or use them to understand the market.
The USDT.D is still above the 5.5% resistance trendline in a longer TF which is now technically acting as support for the dominance. If you view the same chart in a longer TF then you'll notice that the USDT.D has actually retested and getting ready to bounce back.
In this 6-hour TF, the dominance is breaking out of the triangle which looks like a descending triangle to me. Usually, the descending triangle is a bearish pattern but in some cases, it could be bullish too and we call it a 'Reversal Pattern'. If the dominance has to bounce then it may reach all the way to 6.5% to 7.2%. This means that BTC and other altcoins will drop. A breakdown on the other hand could drop the dominance up to 5.5%.
We still have roughly 4 hours for the candle to close so let's see what will happen next.
Until then, trade safely.
