BITCOIN AND USDT DOMINNACE: SIDE-BY-SIDE COMPARISON
Hello traders, I hope you all are doing well. Today, I have an interesting update for you all. A side-by-side comparison of BTC and USDT.D.
I hope this idea will be helpful.
Time frame: 3 hours.
Update: As you can see in this chart, the USDT.D and BTC work like a parallel universe where things are totally opposite to each other. This is because BTC is in the USDT pair and the moment the sellers (in the majority) sell BTC, the USDT dominance increases. In the same way, when buyers (in the majority) purchase BTC in exchange for USDT, the dominance drops, and BTC increases.
Now, the current scenario shows a bearish move on BTC and a bullish move on USDT.D. If this pattern plays off accordingly, we can expect BTC to drop down close to 19k and the dominance to rally up to 7.9%. On the other hand, if BTC needs to be bullish again, it must break above the 20.4k resistance level. For the USDT dominance, 7.3% holds strong support.
I am not saying that we should rely only on these two charts for trades, a trader should always analyze other parameters before investing. There are other charts that we can analyze for better confirmation, the BTC dominance, the total2, DXY, USDC dominance, S&P 500, NASDAQ, etc., and of course the fundamentals.
That's it for now, I'll catch you up on my next update. Until then trade safely.
Thank you.
I hope this idea will be helpful.
Time frame: 3 hours.
Update: As you can see in this chart, the USDT.D and BTC work like a parallel universe where things are totally opposite to each other. This is because BTC is in the USDT pair and the moment the sellers (in the majority) sell BTC, the USDT dominance increases. In the same way, when buyers (in the majority) purchase BTC in exchange for USDT, the dominance drops, and BTC increases.
Now, the current scenario shows a bearish move on BTC and a bullish move on USDT.D. If this pattern plays off accordingly, we can expect BTC to drop down close to 19k and the dominance to rally up to 7.9%. On the other hand, if BTC needs to be bullish again, it must break above the 20.4k resistance level. For the USDT dominance, 7.3% holds strong support.
I am not saying that we should rely only on these two charts for trades, a trader should always analyze other parameters before investing. There are other charts that we can analyze for better confirmation, the BTC dominance, the total2, DXY, USDC dominance, S&P 500, NASDAQ, etc., and of course the fundamentals.
That's it for now, I'll catch you up on my next update. Until then trade safely.
Thank you.
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