BTC vs USDT.D - Who Follows Whom?
2024-12-24
Category: None

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

I always keep an eye on USDT.D to gauge the overall sentiment of the crypto market.

 📚 Today, I want to demonstrate the correlation between BTC and USDT.D: 

- A couple of weeks ago, BTC was rejected at the $108,000 zone, while USDT.D bounced off the 3.6% support.

- BTC is currently hovering around the lower bound of its rising wedge, while USDT.D is approaching the upper bound of its falling wedge.

- As long as BTC doesn't close a full day below the blue trendline and USDT.D doesn't close a full day above the upper red trendline, this phase can be considered a correction.

- Conversely, if both trendlines are breached, expect a momentum shift, potentially leading to a deeper bearish movement in the crypto market.

 📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich