USDT DOMINANCE: ENTERING THE SUPPORT ZONE.
What's up traders?
Here's a quick update on the USDT Dominance.
Timeframe: 4 hours.
Update: The USDT Dominance broke down below the 7.3% support level in the daily timeframe. This breakdown gave relief to BTC and the other altcoins. Currently, in a lower timeframe, the USDT.D is entering the support line of 5.7%. If that happens then it will be close to a -7% drop which means BTC and other altcoins will have more room to grow.
RSI: We need to keep an eye on the RSI level. The dominance is clearly dropping but the RSI recent low is higher than the previous low (a bullish divergence formation). Looks like the green in the market won't last for long (just an assumption).
Conclusion: Comparing BTC and the USDT.D, we can expect a higher rally in BTC in a short term but don't consider this to be a bull run. We are far away from it. Consider this as a short-term gain to balance the market.
Let me know your opinion on this and correct me if I am wrong. Would love to know your ideas.
Thank you.
Here's a quick update on the USDT Dominance.
Timeframe: 4 hours.
Update: The USDT Dominance broke down below the 7.3% support level in the daily timeframe. This breakdown gave relief to BTC and the other altcoins. Currently, in a lower timeframe, the USDT.D is entering the support line of 5.7%. If that happens then it will be close to a -7% drop which means BTC and other altcoins will have more room to grow.
RSI: We need to keep an eye on the RSI level. The dominance is clearly dropping but the RSI recent low is higher than the previous low (a bullish divergence formation). Looks like the green in the market won't last for long (just an assumption).
Conclusion: Comparing BTC and the USDT.D, we can expect a higher rally in BTC in a short term but don't consider this to be a bull run. We are far away from it. Consider this as a short-term gain to balance the market.
Let me know your opinion on this and correct me if I am wrong. Would love to know your ideas.
Thank you.
