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USDT Dominance ChartBTC has seen that final mid-term leg down towards our $34,354 mid-term support where it's showing some intra-day strength that could develop into a mid-term rally towards $40,000 if the bulls manage to gain strength. We're currently trading at one of our most important all-time key levels, especially while USDT dominance is approaching its all-time high resistance. if usdt dominance got rejected we will see some fresh demand on bitcoin and alts but with a break above its all-time high, we might see a serious bear market that might continue for the rest of the year.
CRYPTOCAP:USDT.D
by TopGBanks
S&P500 fell sharply and so BTC followed$BTC Daily Update📍 Thursday, May 5, 2022 -------------------- After yesterday's bounce on the FED rate rise and a perception of a less hawkish, today after a few hours of deep thought, traders have formed a more lasting near-term view that the Fed is far from dovish, has let inflation get out of control, and is still poised to dramatically slow down the economy through a series of 50 basis point rate increases. Thus S&P500 fell sharply and so BTC followed US equity markets. Inflation is still going to be a major problem throughout the rest of this year and beyond, which traders are worried about. It was good that we registered our early gains and booked partially on the rally, the rest closed on trailing and given stops. From my experience, if there is a difference between Spot & Futures market, that just marks the Local bottom or local top. In current context, 35k5 is the bottom. we will watch in the next 24/48h how the price can react at the daily support level before taking any actions. -------------------- Good Luck!
by TopGBanks
$BTC Weekly Analysisin the weekly chart we see on the previous weeks after retesting our midterm support level at 33k we bounced and kept the momentum for two weeks straight now the price is consolidating in between mid term highs from last week we must break above or below the range once volume starts building up to have a clear mid-term direction bulls are still holding a significant edge and advantage, meaning that even without a clear mid-term direction, long positions have a higher probability of success than shorts.
by TopGBanks