📈 Tether Dominance EMA50 Support Breaks, First Time In 2 years+

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.

👉 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...

✔️ 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.

Kommentar:

It is the first time EMA100 weekly is tested as support since October 2021.

Last session ended with the highest bearish volume since March, the bearish bias strengthens...

Notice that this is a long-term chart.
The longer it takes for support to break, the stronger the crash;
The strongest the crash, the higher Bitcoin and the Cryptocurrency market will go.

Kommentar:

Another chart to consider is USDT.D Monthly...

What we can see here is a break below EMA10 monthly.

This same event happened to the downside in August 2021, USDT.D went three months below EMA10 and then recovered.

Then again in November 2020 USDT.D closed monthly below EMA10 and this led to six months below this level and then recovered.

USDT.D is coming off an All-Time High and a very long drawn-out distribution phase, taking into consideration past behaviour, a break monthly below EMA10 can lead to 3-6 months of red.

That's what I mean when I say Bitcoin/Crypto growing for months.

Now, Bitcoin has been rising since 12-September, so we already have 1.5 months of bullish action exhausted, we might have 2-4 months left based on how things go.

Easy though... It will continue rising and rising until finally the Bitcoin Spot ETF is announced and everything drops.

The "correction pre-halving" is real... Whatever triggers it, we go up, then down followed by long-term growth.

Namaste.

Kommentar:

USDT.D is trading weekly below EMA100. This is a major development.

This index only traded below EMA100 briefly in 2021 then never again, it has always been above this level/indicator.

The situation is much difference now since Tether Dominance is coming out of a long-term distribution phase after a major All-Time High, it can be the biggest correction of its history.

It is still early in the week, but bearish signals are piling up:
➖ Three consecutive weeks closing red.
➖ A strong big candle to break EMA50 as support.
➖ Bear volume rising the last three weeks...

👉 Bitcoin and the Altcoins market is looking GREEN!

Namaste.