USDT DOMINANCE WEEKLY UPDATE.
This might sound crazy, but hear me out.
Following the recent approval of the Bitcoin spot ETF, we observed a notable price momentum in BTC and other altcoins. However, it's not entirely convincing for the sustained bullish rally of BTC in the short term. Just a few days ago, BTC struggled to break the 44k level, but now the price is trending at 46k. From a technical analysis perspective, BTC needs to surpass the 47.3k resistance in both daily and weekly timeframes to reach the
52K target.
Looking at the USDT.D (USDT Dominance), it's evident that it has well-maintained a support level of 5%. With the RSI in the oversold zone, there's a compelling possibility of a significant bounce in USDT Dominance, indicating a potential correction in the crypto market.
It will be interesting to observe whether the USDT Dominance breaks down and closes below the 5% support level.
As someone wisely said, "Always prepare for the worst."
Regards,
Team Dexter.
Following the recent approval of the Bitcoin spot ETF, we observed a notable price momentum in BTC and other altcoins. However, it's not entirely convincing for the sustained bullish rally of BTC in the short term. Just a few days ago, BTC struggled to break the 44k level, but now the price is trending at 46k. From a technical analysis perspective, BTC needs to surpass the 47.3k resistance in both daily and weekly timeframes to reach the
52K target.Looking at the USDT.D (USDT Dominance), it's evident that it has well-maintained a support level of 5%. With the RSI in the oversold zone, there's a compelling possibility of a significant bounce in USDT Dominance, indicating a potential correction in the crypto market.
It will be interesting to observe whether the USDT Dominance breaks down and closes below the 5% support level.
As someone wisely said, "Always prepare for the worst."
Regards,
Team Dexter.
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