USDT DOMINANCE: CAN WE CALL THIS A DOUBLE TOP???
Hello fellas, we have seen something interesting happening in the market. In my previous BTC update, I discussed the crucial support levels and how BTC is still not showing any bullish confirmation. Well, here I am with an interesting update on USDT.D. I bet this will be worth reading.
In this chart let us try to connect all the dots and analyze the future outcome of BTC and other altcoins.
1. BTC and altcoins: BTC and other altcoins are in a bearish mode right now and it is hard for the bulls to trade in this current market situation. As we are in the bearish zone right now, the next phase will be a bullish phase.
2. BTC Dominance: We all know how the BTC dominance plays off. Currently, BTC Dominance is increasing and BTC is dumping, which means altcoins are dumping as well. So, in the next scenario, if BTC dominance gets rejected and BTC will pump, altcoins will have some massive pump as well.
3. RSI: The RSI radar in BTC and other altcoins are at the oversold range whereas, in both BTC & USDT Dominance, the RSI is at the overbought range. This clearly means that soon we will see the RSI on BTC and other altcoins rallying up and the RSI on the dominance dropping down.
Lastly, 4. USDT Dominance: As you can see in the chart, the USDT.D is making a double top pattern in a daily timeframe. If that's the case then we may see the USDT.D rallying close to the 7% range or a new ATH followed by a rejection. This rejection could be either a 15% drop or even a 30% drop depending on how the market will rally.
Conclusion: We may be witnessing some drops right now but soon we will witness some pumps as well. So, be prepared cause the charts say it all. I hope all the will play off accordingly.
Take good care of yourself.
Like and follow will be highly appreciated.
Thank you.
In this chart let us try to connect all the dots and analyze the future outcome of BTC and other altcoins.
1. BTC and altcoins: BTC and other altcoins are in a bearish mode right now and it is hard for the bulls to trade in this current market situation. As we are in the bearish zone right now, the next phase will be a bullish phase.
2. BTC Dominance: We all know how the BTC dominance plays off. Currently, BTC Dominance is increasing and BTC is dumping, which means altcoins are dumping as well. So, in the next scenario, if BTC dominance gets rejected and BTC will pump, altcoins will have some massive pump as well.
3. RSI: The RSI radar in BTC and other altcoins are at the oversold range whereas, in both BTC & USDT Dominance, the RSI is at the overbought range. This clearly means that soon we will see the RSI on BTC and other altcoins rallying up and the RSI on the dominance dropping down.
Lastly, 4. USDT Dominance: As you can see in the chart, the USDT.D is making a double top pattern in a daily timeframe. If that's the case then we may see the USDT.D rallying close to the 7% range or a new ATH followed by a rejection. This rejection could be either a 15% drop or even a 30% drop depending on how the market will rally.
Conclusion: We may be witnessing some drops right now but soon we will witness some pumps as well. So, be prepared cause the charts say it all. I hope all the will play off accordingly.
Take good care of yourself.
Like and follow will be highly appreciated.
Thank you.
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