USDT DOMINANCE: BE ALERT!!!
Welcome members to this update on USDT.D.
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.
The USDT dominance is once again at the same supporting trendline from where the dominance has bounced time and again. We need to be extras cautious with our trades cause things could go bearish if the USDT.d bounces from this level. Now, there are several reasons why am I pointing this level to be important.
1. Support: 4.32% is a good support level for USDT.D and there's a high chance that the dominance will leave a quick long shadow behind and then bounce back.
2. RSI: The USDT.D's RSI is at the oversold range and it is so obvious that sooner or later the RSI will move towards the overbought range.
3: BTC & ETH: Major coins like BTC and ETH recently gained some bullish momentum by 5%-6% and if we look at their RSI then it is already at the overbought range.
If we consider all these factors then I guess you have the answer.
Okay, let us consider other probabilities as well.
If the USDT.D breaks down below this supporting trendline then the 4% range is imminent which means BTC and other altcoins will rally higher than their present level.
So, 4.32% is an important level to keep an eye on.
That's it from my end.
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.
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.
The USDT dominance is once again at the same supporting trendline from where the dominance has bounced time and again. We need to be extras cautious with our trades cause things could go bearish if the USDT.d bounces from this level. Now, there are several reasons why am I pointing this level to be important.
1. Support: 4.32% is a good support level for USDT.D and there's a high chance that the dominance will leave a quick long shadow behind and then bounce back.
2. RSI: The USDT.D's RSI is at the oversold range and it is so obvious that sooner or later the RSI will move towards the overbought range.
3: BTC & ETH: Major coins like BTC and ETH recently gained some bullish momentum by 5%-6% and if we look at their RSI then it is already at the overbought range.
If we consider all these factors then I guess you have the answer.
Okay, let us consider other probabilities as well.
If the USDT.D breaks down below this supporting trendline then the 4% range is imminent which means BTC and other altcoins will rally higher than their present level.
So, 4.32% is an important level to keep an eye on.
That's it from my end.
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.
Thank you.
USDT Dominance update.
The dominance is bouncing back from the 4.32% support level I was talking about. This is the exact same trendline from where the USDT.D bounced back last time. If you have any trades open then be careful. If the USDT.D breaks above the 21 MA then you better exit your positions. I am still holding my BTC, ETH, HBAR, and LTC positions. I have booked some profits on LTC, BTC, and ETH. I will still hold it but if the market dumps, I have my SL ready.