USDC DOMINANCE: !!!IMPORTANT UPDATE!!! MUST READ!!!
Hello traders,
You must be thinking what on earth is happening to the market? How deep BTC is going to drop? Are we going to see BTC below $20k?
Well, guys, this one chart got all your answers covered.
This is the USDC Dominance weekly chart and in my previous update, I have already mentioned how the USDC stable coin play against BTC and other altcoins. We can see that the USDC.D has beautifully maintained the uptrend and it is currently close to the upper trendline (resistance). if we do some backtesting then we can observe that the USDC.D has always respected the trendlines be it upper or lower trendlines.
So, let us break it down piece-by-piece and get to the final conclusion.
1. 16th March 2020: Bitcoin made a historical rally towards the new all-time-high. BTC pumped from $3900 to $12000, a 176% gain in a span of 160 days. This was the exact same time when the USDC.D dropped by -45% from 0.46% to 0.24%. After this, we saw the USDC.D making a rally towards 0.86% which led BTC to drop by -21% ($9850).
2. 5th October 2020: It was the beginning of the 4th quarter when BTC was set to rally 500%+. A journey from $10.5k to $65k was absolutely astonishing. This is where the USDC.D dropped by -53% but soon, BTC dropped by -56% and the USDC.D rallied 400%+ (2.31%).
3. 19th July 2021: After the big 56% drop, BTC rallied once again and this time BTC created a history by making a new and still the present all-time-high of $69k. This lets the USDC.D drop another 53% but then things changed and till now BTC continues to drop.
Conclusion: This is the end month of the 2nd quarter and BTC is still finding its bottom level. The USDC.D is once again reaching the resistance level. The big question is, will the USDC.D get rejected as it did in the past or will it break out the ceiling this time?
What I can figure out is, that the USDC.D is currently at 5.71% and there's a high chance that it will reach the 6.6% resistance level and then get rejected. This means BTC may possibly drop up to $20k or even below that level. Then we will witness a mega rally in the market. I hope the beginning of the 3rd quarter will be a game-changer for us.
What can you figure out about the current market situation? Let me know in the comments.
If you find this idea helpful then hit the like icon and follow me for more.
Thank you.
You must be thinking what on earth is happening to the market? How deep BTC is going to drop? Are we going to see BTC below $20k?
Well, guys, this one chart got all your answers covered.
This is the USDC Dominance weekly chart and in my previous update, I have already mentioned how the USDC stable coin play against BTC and other altcoins. We can see that the USDC.D has beautifully maintained the uptrend and it is currently close to the upper trendline (resistance). if we do some backtesting then we can observe that the USDC.D has always respected the trendlines be it upper or lower trendlines.
So, let us break it down piece-by-piece and get to the final conclusion.
1. 16th March 2020: Bitcoin made a historical rally towards the new all-time-high. BTC pumped from $3900 to $12000, a 176% gain in a span of 160 days. This was the exact same time when the USDC.D dropped by -45% from 0.46% to 0.24%. After this, we saw the USDC.D making a rally towards 0.86% which led BTC to drop by -21% ($9850).
2. 5th October 2020: It was the beginning of the 4th quarter when BTC was set to rally 500%+. A journey from $10.5k to $65k was absolutely astonishing. This is where the USDC.D dropped by -53% but soon, BTC dropped by -56% and the USDC.D rallied 400%+ (2.31%).
3. 19th July 2021: After the big 56% drop, BTC rallied once again and this time BTC created a history by making a new and still the present all-time-high of $69k. This lets the USDC.D drop another 53% but then things changed and till now BTC continues to drop.
Conclusion: This is the end month of the 2nd quarter and BTC is still finding its bottom level. The USDC.D is once again reaching the resistance level. The big question is, will the USDC.D get rejected as it did in the past or will it break out the ceiling this time?
What I can figure out is, that the USDC.D is currently at 5.71% and there's a high chance that it will reach the 6.6% resistance level and then get rejected. This means BTC may possibly drop up to $20k or even below that level. Then we will witness a mega rally in the market. I hope the beginning of the 3rd quarter will be a game-changer for us.
What can you figure out about the current market situation? Let me know in the comments.
If you find this idea helpful then hit the like icon and follow me for more.
Thank you.
