USDT DOMINANCE: A BOUNCE OR A REJECTION???
Welcome members to this update on
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 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.
Let's get back to the chart.
Look, I don't mean to scare you but this chart right here is kinda scary. The USDT.D is bouncing back and currently, the only thing which is holding USDT.D is the 21 MA (Resistance). If you look at the backtesting then whenever the USDT.D bounced back from this supporting trendline, it has always bounced back, faced the 21 MA resistance but ultimately broke up to the upper trendline. It never got rejected from 21 MA.
Do you need to worry about your trades? Yes, you must but it is always wise to wait for confirmation. In this regard, 4.45% will be the level we have to pay attention to. A breakout above this level will be a clear sign to exit all your trades cause breaking above this level could mean a rally towards a 5% resistance level. As the USDT.D is still under the 21 MA so we can still expect a rejection towards a 4% support level.
I am still hoping for rejection on the dominance but looking into the past, I am skeptical. Let us not give room for emotions here. Let us stick with the facts & figures.
Let me know what you think about this idea and if you like it then do share the link wherever you can. Let this idea reach as many traders as possible.
I will cover more on this in the coming days until then stay safe and trade well.
Note: This is not financial advice. This update is for educational purposes only.
Thank you.
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 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.
Let's get back to the chart.
Look, I don't mean to scare you but this chart right here is kinda scary. The USDT.D is bouncing back and currently, the only thing which is holding USDT.D is the 21 MA (Resistance). If you look at the backtesting then whenever the USDT.D bounced back from this supporting trendline, it has always bounced back, faced the 21 MA resistance but ultimately broke up to the upper trendline. It never got rejected from 21 MA.
Do you need to worry about your trades? Yes, you must but it is always wise to wait for confirmation. In this regard, 4.45% will be the level we have to pay attention to. A breakout above this level will be a clear sign to exit all your trades cause breaking above this level could mean a rally towards a 5% resistance level. As the USDT.D is still under the 21 MA so we can still expect a rejection towards a 4% support level.
I am still hoping for rejection on the dominance but looking into the past, I am skeptical. Let us not give room for emotions here. Let us stick with the facts & figures.
Let me know what you think about this idea and if you like it then do share the link wherever you can. Let this idea reach as many traders as possible.
I will cover more on this in the coming days until then stay safe and trade well.
Note: This is not financial advice. This update is for educational purposes only.
Thank you.
