USDT DOMINANCE: A HIGHER MOVE POSSIBLE.
The USDT dominance has recently made a jump from 7.7% to 8.4% and this jump could go even higher up to 9.2% according to this 3-day TF analysis. The pattern that USDT dominance is forming here is a typical rising wedge pattern that is technically bearish.
This signifies two major scenarios for BTC-
1. In the short term: We may see another drop in the market from 22k to 23k.
2. In the long term: A breakout above the 30k resistance and then a new rally with new support and resistance.
Conclusion: Be extra cautious with your leverage trading. You can scalp trade but always use SL cause one big dump and all your gains will vanish. For spot holdings, BTC at around 22k will be a sweet spot.
Trade safely.
This signifies two major scenarios for BTC-
1. In the short term: We may see another drop in the market from 22k to 23k.
2. In the long term: A breakout above the 30k resistance and then a new rally with new support and resistance.
Conclusion: Be extra cautious with your leverage trading. You can scalp trade but always use SL cause one big dump and all your gains will vanish. For spot holdings, BTC at around 22k will be a sweet spot.
Trade safely.
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