USDT Dominance has experienced a significant retracement this week, influenced by Bitcoin's rally and resulting in observations about key support and resistance levels.
Key Observations:
Retracement Context: USDT Dominance retraced as Bitcoin rallied over 7%, leading to a move of cash out of USDT.
Support and Resistance Levels:
The current level of support is in the range of 5.25% - 5.75%.
The 5.75% level has been tested twice this year and is considered a strong level of support.
To the upside, the next area of resistance is at 6.30% - 6.75%.
Market Implications:
Correction Expectation: With an expectation of a market correction, close monitoring of the current support area is crucial.
Bearish Signal: A move up in USDT Dominance is considered bearish for the trading market.
Key Observations:
Retracement Context: USDT Dominance retraced as Bitcoin rallied over 7%, leading to a move of cash out of USDT.
Support and Resistance Levels:
The current level of support is in the range of 5.25% - 5.75%.
The 5.75% level has been tested twice this year and is considered a strong level of support.
To the upside, the next area of resistance is at 6.30% - 6.75%.
Market Implications:
Correction Expectation: With an expectation of a market correction, close monitoring of the current support area is crucial.
Bearish Signal: A move up in USDT Dominance is considered bearish for the trading market.
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