Correlation between USDT and BTC
Updated
Hi, this is kinda experimental so take it with a grain of Salt. But until now its a nice Indicator.
The Idea is basically whenever Tether market cap in proportion to Btc´s Marketcap is high (channel top), there´s soon coming a Bitcoin pump. (Tether goes BRRRRR)
When Tethers marketcap is low (in comparison to btc), a drop often followed.
We are soon about to get a sell signal arround new year i guess.
What happens until then, im still not sure.
As long 50k (range) holds i see the possibility to go to arround 100k eoy.
But Topping out at 69-75k would make sense too. (altho no sell signal according to this chart yet)
Invest careful, most cryptocurrency isnt worth current prices and a 80%+ correction is coming for sure at some point.
Dyor, and only invest what you can afford to loose.
Please leave a like :)
The Idea is basically whenever Tether market cap in proportion to Btc´s Marketcap is high (channel top), there´s soon coming a Bitcoin pump. (Tether goes BRRRRR)
When Tethers marketcap is low (in comparison to btc), a drop often followed.
We are soon about to get a sell signal arround new year i guess.
What happens until then, im still not sure.
As long 50k (range) holds i see the possibility to go to arround 100k eoy.
But Topping out at 69-75k would make sense too. (altho no sell signal according to this chart yet)
Invest careful, most cryptocurrency isnt worth current prices and a 80%+ correction is coming for sure at some point.
Dyor, and only invest what you can afford to loose.
Please leave a like :)
Note
after browsing USDT Idea´s i realized i wasnt the only one with this idea, sorry for "stealing" :pNote
Not so sure anymore if USDT Dominance isnt the better chart, according to usdt.D chart we already got that "sell signal"
Generally crypto is overvalued, so i would suggest only invest what u can afford to loose.
Note
Generaly im leaning towards a bearish outcome with 69k being the top currently, so be careful. If we should see another ath then i expect a fast sell off afterwards. so from a risk/reward ratio there are better alternatives in the stock market currently and dont recommend to invest signinficant summs in crypto.Note
According to the Channel we may hit shortterm bottom, but broadening wedge on USDT.D has more room to go. Lets see which is legit. Closing my shorts at wedge resistance if we happen to test it.
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