USDT.D: A big Retest !!
USDT Dominance was trading within a well-defined channel. Following a breakdown from this channel, it rapidly dropped to the 3.8% level without undergoing a retest.
The absence of a retest at this critical level hinted at a substantial correction, which is a common occurrence.
However, the excitement and FOMO (US POLITICS) surrounding the BTC bull rally led many to overlook this. The failure to recognize the need for a correction or retest during such market moves can be a costly oversight, liquidating millions of dollars.
Always remember, charts provide a true reflection of market behavior; understanding and interpreting them correctly is essential for making informed trading decisions.
The absence of a retest at this critical level hinted at a substantial correction, which is a common occurrence.
However, the excitement and FOMO (US POLITICS) surrounding the BTC bull rally led many to overlook this. The failure to recognize the need for a correction or retest during such market moves can be a costly oversight, liquidating millions of dollars.
Always remember, charts provide a true reflection of market behavior; understanding and interpreting them correctly is essential for making informed trading decisions.
Note
The above chart highlights the broader trend, illustrating the retest following a breakdown from the channel. For clarity, let’s focus on the daily timeframe.
USDT Dominance is currently trading within a defined channel on the daily timeframe. After a recent spike to 6.75%, the price has retreated and is now finding support around the 5.50% level, which coincides with the channel's mid-point.
Potential Scenarios:
Upside: A bounce from the current support could take us towards the channel's upper boundary, estimated between 5.62% and 5.90% which is highly likely to cool the current market after this mini BTC pump.
Downside: A breakdown below the 5.50% support level might trigger a deeper correction towards the 5.07% level, followed by a potential retest.
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