USDT.D Corrective Phase
Been following USDT.D here on the daily for a while now, and since the double top we have bearishly engulfed and pulled back substantially.
We have a couple targets here confluent with a couple zones we never got a check back on after breaking resistance.
RSI still under trend and the ADX is indicating a fading bull trend while volatility is contracting. It would be very powerful to see volatility completely reset and then expand into a Bearish adx trend. This would be devastating for USDT and super bullish for the rest of the market.
These are some fairly large percentage moves down if we do in fact reach these levels to the downside. Im not sure where that would put the rest of the market but one could assume its bullish.
Technically speaking, USDT losing its dominance doesnt necessarily have to be bullish because a migration to a different stable coin or additional capital injected into the market could effect this as well, in the same fashion for BTC.D.
Following the USDT.D and DXY charts is a very effective way to revisualize what is happening with the market due to their inverse correlation.
We have a couple targets here confluent with a couple zones we never got a check back on after breaking resistance.
RSI still under trend and the ADX is indicating a fading bull trend while volatility is contracting. It would be very powerful to see volatility completely reset and then expand into a Bearish adx trend. This would be devastating for USDT and super bullish for the rest of the market.
These are some fairly large percentage moves down if we do in fact reach these levels to the downside. Im not sure where that would put the rest of the market but one could assume its bullish.
Technically speaking, USDT losing its dominance doesnt necessarily have to be bullish because a migration to a different stable coin or additional capital injected into the market could effect this as well, in the same fashion for BTC.D.
Following the USDT.D and DXY charts is a very effective way to revisualize what is happening with the market due to their inverse correlation.
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