USDT.D (
USDT dominance) appears to be forming a double top pattern on the chart, signaling potential weakness. This is further confirmed by bearish divergence on the RSI, where price action is making similar highs, but momentum is decreasing, indicating the possibility of a reversal.
If this double top confirms with a breakdown from current levels, particularly if it loses the 5.3% support, it could trigger a significant reversal in USDT dominance. This scenario would likely lead to a bullish move across Bitcoin and altcoins since a decrease in USDT dominance typically indicates that traders are moving their funds from USDT into cryptocurrencies.
Waiting for confirmation before making any moves is crucial to avoid false breakouts or invalid patterns.
USDT dominance) appears to be forming a double top pattern on the chart, signaling potential weakness. This is further confirmed by bearish divergence on the RSI, where price action is making similar highs, but momentum is decreasing, indicating the possibility of a reversal.If this double top confirms with a breakdown from current levels, particularly if it loses the 5.3% support, it could trigger a significant reversal in USDT dominance. This scenario would likely lead to a bullish move across Bitcoin and altcoins since a decrease in USDT dominance typically indicates that traders are moving their funds from USDT into cryptocurrencies.
Waiting for confirmation before making any moves is crucial to avoid false breakouts or invalid patterns.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
FOLLOW MY TELEGRAM CHANNEL FOR FREE : bit.ly/3JfrpgV
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.