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Let's analyse USDT dominance:
USDT dominance (USDT.D) has been on a downward trend for approximately three weeks. It is currently trading within a parallel channel. A recent sharp decline from the upper channel line resulted a surge in BTC price, pushing it above $66,000.
As USDT.D approaches the channel base, a potential rebound may be imminent, which could lead to a retest in BTC price. If USDT.D breaks below the channel base, the next support level is at 5.06%.
Key Levels:
Resistance: 5.43%
Support: Channel base
Lower support: 5.06%
Trading Recommendation:
It is advisable to avoid taking long positions in futures markets at this time. If you currently hold futures positions, consider taking profits to secure your gains. In anticipation of a potential retest, averaging down your position may be a viable strategy.
Risk Management:
Implementing a stop-loss order is crucial to protect your capital from significant losses.
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Happy Trading!!
