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Monday, September 28, 2020

Key USDT.D Reversal Taking Place!

Key USDT.D Reversal Taking Place!

Here is something that everyone in crypto needs to watch more closely. The USDT dominance chart is a great way to map out how invested people are at any given moment. In the last month, we have seen participants move to cash, but are we on the cusp on a trend reversal? The charts are giving clues of that right now. Let’s hop onto the chart:

The first thing that stands out to me in this chart is the bearish divergence that is forming on the Stochastic RSI . This means that dollars are overbought and are looking to retrace! The MACD is still overbought and the histogram is falling. This also leads me to think that dollars are overbought. The last thing is the massive gap around 3.50. If this is an actual reversal, then we should see this gap get filled and that is good for the entire crypto market! So this is something we will be keeping a close eye on. If it continues to fall, we will feel more comfortable adding back to long positions. If we see it trend back up, we will keep our cash ready.

Happy Trading!

from Trading Ideas
via gqrds

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