USDT DOMINANCE: HANGING BY A THREAD.
Hello awesome people. I hope you all are doing great.
Things are pretty uncertain as the market has hovered around the same level for the last 5 days. For instant, look at this USDT dominance chart. It looks similar to the descending triangle, breaking down below the support level, retesting, and rejecting. Chart-wise, it looks bearish but if we look at the RSI levels, it is close to the oversold zone. It is quite possible that we may see a few more reds close to 8% letting the traders believe that it is a bearish confirmation and then bang, a quick pump out of nowhere.
Now, I wanna be wrong in this case but I never play with my emotions, I always follow the chart patterns and the fundamentals. So, as per the current market scenario, I would like to step aside and let the market make its first move which is the weekly close.
What do you have to say about the current market scenario?
Things are pretty uncertain as the market has hovered around the same level for the last 5 days. For instant, look at this USDT dominance chart. It looks similar to the descending triangle, breaking down below the support level, retesting, and rejecting. Chart-wise, it looks bearish but if we look at the RSI levels, it is close to the oversold zone. It is quite possible that we may see a few more reds close to 8% letting the traders believe that it is a bearish confirmation and then bang, a quick pump out of nowhere.
Now, I wanna be wrong in this case but I never play with my emotions, I always follow the chart patterns and the fundamentals. So, as per the current market scenario, I would like to step aside and let the market make its first move which is the weekly close.
What do you have to say about the current market scenario?
This is what I was talking about. I hope you guys listened.