USDT DOMINNACE: WHAT IF???
Hello and welcome to this USDT Dominance update in 3 hours timeframe.
This is a follow-up to our previous dominance update.
Update: In our previous update, we saw how the dominance got rejected by the resistance. After zooming in, we can see a nice rising wedge pattern in the USDT.D which technically needs to get rejected. The only thing that is holding the rejection is the 21 MA which is quite strong.
Talking about the 'What If?' situation, we have two scenarios-
Scenario 1: What if the USDT.D don't reject and bounce back higher? If this scenario takes place then we may see a double top and then a rejection.
Scenario 2: What if the USDT.D gets rejected all the way to 6.6%? This means we will see some good green rallies in the market.
Well, the upcoming few hours will decide the direction of the market. Also, we have the FOMC meeting today at 8:30 AM UTC so let's be extra attentive.
I'll see you guys in our next update until then trade safely.
This is a follow-up to our previous dominance update.
Update: In our previous update, we saw how the dominance got rejected by the resistance. After zooming in, we can see a nice rising wedge pattern in the USDT.D which technically needs to get rejected. The only thing that is holding the rejection is the 21 MA which is quite strong.
Talking about the 'What If?' situation, we have two scenarios-
Scenario 1: What if the USDT.D don't reject and bounce back higher? If this scenario takes place then we may see a double top and then a rejection.
Scenario 2: What if the USDT.D gets rejected all the way to 6.6%? This means we will see some good green rallies in the market.
Well, the upcoming few hours will decide the direction of the market. Also, we have the FOMC meeting today at 8:30 AM UTC so let's be extra attentive.
I'll see you guys in our next update until then trade safely.
Scenario 1 is in the play.