Has anything changed?
Will Tether Dominance (USDT.D) start moving up and thus Bitcoin and the Altcoins market down?
Short answer: No.
From January through April 2023 USDT.D tested EMA50 as support over and over.
While this level broke multiple times a recovery immediately followed the following week, with USDT.D staying above EMA50 long-term.
This past weekly session, 23-29 Oct, EMA50 breaks as support for the first time since August/September 2021, a little more than two years ago. This is a major development and works as bearish confirmation for this index.
Now, it is ultra common to see a wick higher, a test of EMA50 as resistance before moving lower, this can happen, and then a resumption/continuation of the initial move.
While EMA50 failed as support we still have EMA100 as well as the 0.382 Fib. retracement level for the November 2021 through June 2022 bullish wave, the bears have that going.
It doesn't matter how you slice it though, USDT.D keeps aiming lower while Bitcoin aims higher.
đ The only way for this bearish bias to become invalid is if USDT.D moves and closes above EMA50 and EMA10 on a weekly basis and this would still leave out the long-term lower highs...
âď¸ Cryptocurrency set to stay bullish based on this chart.
I will share a new trade idea if anything changes.
Thanks a lot for your support.
Namaste.