đź“ŠUSDT.D - Getting close to an important area
The dominance has formed a local descending formation - it's either a channel or a wedge depends on how you draw it- but either way the odds of it breaking to the upside are higher. If it continues to drop within its trendlines, it will soon reach an important zone (4.35-4.20) which is also where the lower trendline of yellow parallel channel is. This confluence gives a solid chance for a bounce from those levels (bearish for the market) However, if the dominance breaks below 4.20%, this could indicate a potential reversal (or at least short term recovery) on the market.
Historically (over the last 4 years), we have never seen a macro V-shaped change in a trend direction, that's why I would stick to a bearish narrative for a while, until proven otherwise.
-- 1h chart, local view:
Historically (over the last 4 years), we have never seen a macro V-shaped change in a trend direction, that's why I would stick to a bearish narrative for a while, until proven otherwise.
-- 1h chart, local view:
