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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.