USDT.D
Hello, guys. How are you? This is your Captain writing. Today we will analyse USDT Dominance.
USDT has been in a bearish trend for couple of weeks but recently it’s showing some strength which is the reason why market dumped recently. I've drawn two boxes (check first screenshot) for you based on Fibonacci retracement and as you can see, this index got rejected from my red box which is very positive for the market. As long as this box holds, we can expect a very good pump in the market.
However, on shorter timeframe, this index is trending in a rising channel (check second screenshot) which is often seen as a bearish pattern. There's a deviation above the channel. So, soon this index will test the lower part of the channel.
I've drawn a path which may be followed this weekend. We may see dump in this weekend for a bear trap and then a pump till a new ATH on BTC. So, trade accordingly.
