šØ Market Update ā What Iām Seeing Right Now šØ
Hey fam, Iām spotting a very bearish pattern in $USDT dominance, and historically thatās been extremely bullish for Bitcoin.
The pattern Iām referring to is a rising wedge, which typically breaks down. If that happens, we could see a drop in $USDT dominanceāwhich means money flowing into crypto, especially $BTC and altcoins. Thatās exactly why weāve placed some longs around these levels.
Right now, the market looks oversold. Everyoneās turned ultra bearish on alts, and thatās usually when the biggest upside explosions happen. So, yeahāIām expecting Bitcoin to bounce from these levels, and it might catch most retail traders off guard.
Quick notes:
⢠I havenāt longed Bitcoin in over a monthānot because Iām bearish, but because I already traded it before.
⢠Iām not shorting $BTC or $ETH eitherānothing looks bearish to me here.
⢠Iām watching a falling wedge forming on $ETH āagain, historically bullish.
⢠BTC dominance is also testing previous pump zonesāif it rejects again, we could see another strong move on alts.
Also, should I drop a video explaining all these patterns? Let me know in the comments. Would help you all see it clearly.
Thatās it from me
Not Seeing anything bearish in Bitcoin right now.
Letās see how this week plays out. Peace out š