USDT DOMINANCE: BREAKDOWN OR FAKE DOWN?
Hello traders, here's a quick update on USDT Dominance in a lower timeframe.
Timeframe: 3 hours.
Preview: In our previous update, we discussed about the dominance possibly reaching the resistance level but instead, it got rejected halfway.
Update: Recently, the USDT.D have broken down below the lower support level. If this is the actual breakdown then we can expect the USDT.D to drop up to the 7% level. But if it is a fake down then the USDT.D will probably push back inside and will rally towards the resistance once again.
Conclusion: All I am saying is the market looks tricky here cause the candles and the RSI are telling different things. Also, BTC and other altcoins are hitting the resistance but the dominance is breaking down below the support. If BTC and other major altcoins surpass the resistance level then we may take it in a bullish term but as I said, coins reaching a resistance level with RSI close to the overbought zone have a higher tendency to reject.
I may be wrong or maybe right but this is what it is. Do your research wisely.
Let me know your thought on this in the comments section.
Thank you and trade safely.
Timeframe: 3 hours.
Preview: In our previous update, we discussed about the dominance possibly reaching the resistance level but instead, it got rejected halfway.
Update: Recently, the USDT.D have broken down below the lower support level. If this is the actual breakdown then we can expect the USDT.D to drop up to the 7% level. But if it is a fake down then the USDT.D will probably push back inside and will rally towards the resistance once again.
Conclusion: All I am saying is the market looks tricky here cause the candles and the RSI are telling different things. Also, BTC and other altcoins are hitting the resistance but the dominance is breaking down below the support. If BTC and other major altcoins surpass the resistance level then we may take it in a bullish term but as I said, coins reaching a resistance level with RSI close to the overbought zone have a higher tendency to reject.
I may be wrong or maybe right but this is what it is. Do your research wisely.
Let me know your thought on this in the comments section.
Thank you and trade safely.
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