USDT.D has just tagged strong support!
I'm throwing this out there just to put a little ice on the flames rn. It is worth noting that USDT dominance has tagged strong support today.
What does this mean? Well, it means mostly that reserves are being emptied in favor of hot crypto rn.
What might it mean if support holds? It's really hard to say but I am betting that much of these funds are going into Bitcoin. Now, if BTC starts to cool (which my charts are showing me may strongly be the case), traders may sell, USDT.D would bounce on that support, and then following this traders may begin to look at new trades, specifically ALTs which they know will follow BTC's lead. This theory is supported by my BTC.D chart which looks as if it may double-top here today pending where we close.
Also note that RSI. We are in oversold territory. Last time this happened, ALTs took off.
Best,
Stewdamus
What does this mean? Well, it means mostly that reserves are being emptied in favor of hot crypto rn.
What might it mean if support holds? It's really hard to say but I am betting that much of these funds are going into Bitcoin. Now, if BTC starts to cool (which my charts are showing me may strongly be the case), traders may sell, USDT.D would bounce on that support, and then following this traders may begin to look at new trades, specifically ALTs which they know will follow BTC's lead. This theory is supported by my BTC.D chart which looks as if it may double-top here today pending where we close.
Also note that RSI. We are in oversold territory. Last time this happened, ALTs took off.
Best,
Stewdamus
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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