USDT DOMINNACE: A BULLISH FALLING WEDGE
Hello traders, welcome to this USDT Dominance.
Timeframe: 4 hours.
Update: In my previous update, I mentioned the USDT.D entering the 5.7% support line, well, it didn't happen. Rather the dominance bounced back from 6.21% making a new support level. The chart is under a bullish falling wedge pattern and if it successfully breaks and closes above the resistance level, we may see the dominance reaching some higher levels. The only thing that could hold the dominance is the resistance trendline from where the dominance got rejected twice in the past.
Conclusion: With the market turning bearish, upcoming FED news, and the dominance bouncing, things look skeptical. In this present situation, it's better to stay aside and let the market comes to a conclusion. If at all you wanna trade then do some scalping cause the market is most likely to get volatile.
I will update more on it until then trade safely.
Support me with your likes and comments and do follow for more interesting ideas.
Timeframe: 4 hours.
Update: In my previous update, I mentioned the USDT.D entering the 5.7% support line, well, it didn't happen. Rather the dominance bounced back from 6.21% making a new support level. The chart is under a bullish falling wedge pattern and if it successfully breaks and closes above the resistance level, we may see the dominance reaching some higher levels. The only thing that could hold the dominance is the resistance trendline from where the dominance got rejected twice in the past.
Conclusion: With the market turning bearish, upcoming FED news, and the dominance bouncing, things look skeptical. In this present situation, it's better to stay aside and let the market comes to a conclusion. If at all you wanna trade then do some scalping cause the market is most likely to get volatile.
I will update more on it until then trade safely.
Support me with your likes and comments and do follow for more interesting ideas.
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