USDT.D: Potential Signs of a Bearish Move on Higher Timeframe

Jul 13

Hey everyone, wanted to share some thoughts on USDT (Tether) based on technical analysis across different timeframes:

Monthly:

USDT dominance is currently trading below the midpoint of the inverse fair value gap, which could indicate a potential decline in its dominance over other cryptocurrencies.
Price has recently entered a monthly bearish order block and although there was a positive reaction, it's important to be cautious.

Weekly:

Several bearish signs are emerging on the weekly timeframe:
Price reacted to the 62% Fibonacci retracement level.
A fair value gap is present.
There's a hidden bearish divergence.
Price is facing resistance from the 50-week SMA (Simple Moving Average).
A potential bear flag formation is visible.

Daily:

Waiting for more confirmation on the daily timeframe before entering any trades.
A clear break of the current structure or a daily candle closing below 4.90% would be good areas to observe for further bearish confirmation.

Overall:

Patience is key! While there are signs of a potential decline in USDT dominance and a bearish move in price, waiting for confirmation on the daily timeframe is crucial before entering any trades related to altcoins.
#DYOR (Do Your Own Research) before making any investment decisions.

#Cryptocurrency #TechnicalAnalysis #USDT #Altcoins