USDT DOMINANCE: A HIGHER MOVE POSSIBLE.
The USDT dominance has recently made a jump from 7.7% to 8.4% and this jump could go even higher up to 9.2% according to this 3-day TF analysis. The pattern that USDT dominance is forming here is a typical rising wedge pattern that is technically bearish.
This signifies two major scenarios for BTC-
1. In the short term: We may see another drop in the market from $22k to $23k.
2. In the long term: A breakout above the $30k resistance and then a new rally with new support and resistance.
Conclusion: Be extra cautious with your leverage trading. You can scalp trade but always use SL cause one big dump and all your gains will vanish. For spot holdings, BTC at around $22k will be a sweet spot.
Trade safely.
This signifies two major scenarios for BTC-
1. In the short term: We may see another drop in the market from $22k to $23k.
2. In the long term: A breakout above the $30k resistance and then a new rally with new support and resistance.
Conclusion: Be extra cautious with your leverage trading. You can scalp trade but always use SL cause one big dump and all your gains will vanish. For spot holdings, BTC at around $22k will be a sweet spot.
Trade safely.
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