USDT Dominance: Channel Breakout or Bounce?
Updated
USDT dominance has been trading within a well-defined channel for some time. This presents interesting possibilities for short-term and long-term cryptocurrency investors.
Scenario 1: Correction Incoming?
After two weeks of uninterrupted gains, a short-term correction for USDT dominance seems highly likely. This is supported by the fact that the dominance is currently bouncing off the lower trendline of the channel. Resistance levels to watch out for are at 4.81% and 5.10%. These resistance points are further strengthened by the 50MA and 200 MA respectively.
Scenario 2: Bullish Breakout for Bitcoin?
A more dramatic scenario would unfold if USDT dominance breaks down from the established channel. This could signal a significant shift in investor sentiment, potentially leading to a surge in Bitcoin (BTC). In this bullish scenario, key support levels for USDT dominance lie at 4.60% and 4.27%. A drop to these support zones could trigger a strong rally in BTC, potentially pushing its price towards a new all-time high (ATH) above 73.7k. Some analysts even speculate a possible surge to 90k in the near future.
Investment Opportunities?
The current market situation could represent a valuable entry point for investors seeking undervalued projects with high growth potential. It is suggested to look for projects which likely possess strong fundamental characteristics alongside technically appealing charts.
Some of them are already posted in my previous posts.
Happy Trading!!
#DYOR #BTC #USDT
Scenario 1: Correction Incoming?
After two weeks of uninterrupted gains, a short-term correction for USDT dominance seems highly likely. This is supported by the fact that the dominance is currently bouncing off the lower trendline of the channel. Resistance levels to watch out for are at 4.81% and 5.10%. These resistance points are further strengthened by the 50MA and 200 MA respectively.
Scenario 2: Bullish Breakout for Bitcoin?
A more dramatic scenario would unfold if USDT dominance breaks down from the established channel. This could signal a significant shift in investor sentiment, potentially leading to a surge in Bitcoin (BTC). In this bullish scenario, key support levels for USDT dominance lie at 4.60% and 4.27%. A drop to these support zones could trigger a strong rally in BTC, potentially pushing its price towards a new all-time high (ATH) above 73.7k. Some analysts even speculate a possible surge to 90k in the near future.
Investment Opportunities?
The current market situation could represent a valuable entry point for investors seeking undervalued projects with high growth potential. It is suggested to look for projects which likely possess strong fundamental characteristics alongside technically appealing charts.
Some of them are already posted in my previous posts.
Happy Trading!!
#DYOR #BTC #USDT
Note
USDT.D bounced as expected to 5.1% level. It is now just below 100MA. I suppose a cooldown from this level, or else breakout from level will trigger BTC back to 54k -55k level.Note
USDT dominance is currently trading at its supporting trend line inside this channel. A breakdown from the channel could trigger BTC. Immediate Support zone: 4.6%
Immediate Resistance: 4.81%
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