Alikze → USDT.D | Major ceiling support
TimeFrame: 1W
Dominance Tether has taken a corrective path after breaking the neck line and the dynamic trigger line, as well as the pullback. Currently, it is placed in the ceiling of the previous major, which is an important support zone for the continuation of the path. Two scenarios can be considered for it.
Scenario 1: It should probably have a return to the range of 5.40 to 5.45 and after taking into account the downward momentum, this support should be broken, which can continue to correct after the pullback to the green gap box area.
Second scenario: If this return is broken up to 5.40 to 5.45, it should probably have a retest to the neckline, and then in case of a negative reaction, we will witness the continuation of the correction.
Note that this analysis is on a weekly basis and should be paid attention to in the medium term. Of course, we will try to carry out the necessary investigations in case of changes in behavior and structure.
Note that Dominance Tether's movements are opposite to Bitcoin's price movements. That is, every rise of Tether's dominance will correct Bitcoin and the market, and vice versa
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Dominance Tether has taken a corrective path after breaking the neck line and the dynamic trigger line, as well as the pullback. Currently, it is placed in the ceiling of the previous major, which is an important support zone for the continuation of the path. Two scenarios can be considered for it.
Scenario 1: It should probably have a return to the range of 5.40 to 5.45 and after taking into account the downward momentum, this support should be broken, which can continue to correct after the pullback to the green gap box area.
Second scenario: If this return is broken up to 5.40 to 5.45, it should probably have a retest to the neckline, and then in case of a negative reaction, we will witness the continuation of the correction.
Note that this analysis is on a weekly basis and should be paid attention to in the medium term. Of course, we will try to carry out the necessary investigations in case of changes in behavior and structure.
Note that Dominance Tether's movements are opposite to Bitcoin's price movements. That is, every rise of Tether's dominance will correct Bitcoin and the market, and vice versa
-----------------
Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future.
Thanks for your continued support.
Sincerely.❤️
Comment:
Well at the support zone with a bottom and a higher bottom placed in an Elliott triangle density that should probably see a bounce to the upside. Therefore, it is suggested not to buy for now. There is a possibility of liquidity in the market. It will be updated again after changing the behavior and structure of the post.
Comment:
In the support and pattern of the corner of the triangle and the rise of Tether's dominance and market correction.
Comment:
It has formed a descending channel in the important support area in the one-hour period. If 5.18 units are not broken upwards, it will correct at least up to the floor of the green box and the midline of the channel (short-term rise of the market), and in the event of a break, this correction will continue until the bottom of the channel (continuation of the rise of the market).
Comment:
And now the target traveled the path according to the analysis.
Well, what do you think traders...
Well, what do you think traders...
Comment:
After the failure of the support zone and considering that it has completed the full cycle, it can now pull back to the specified zone, which can put the market under selling pressure.
