QUOTE(mois @ Feb 24 2025, 05:10 PM)
Lately I learn new thing and I backtested it toward 2021. Which is USDT dominance Weekly chart.
USDT dominance go up = bitcoin go down
USDT dominance go down = more money flow into bitcoin and up.

1. Volume has spiked.
2. It is sitting on 0.786 Fibonacci retracement.
3. Weekly bullish divergence on both RSI and MACD. Monthly RSI bullish divergence.
4. W shape consolidation. ABC elliot waves are finished. The wave C finish at 3.82%.
5. Now just waiting for the USDT. Dominance breakout from the trendline.
Below is chart USDT. dominance vs bitcoin price in weekly timeframe.

I want to update this USDT dominance weekly chart.

USDT dominance has clear breakout from trendline just now at 8am (weekly closed). But it hasn't break above the W neckline
(6.2%) .
I think the real bloodbath (phase E climax) is when it break above W neckline.
Another thing. There is a new big CME GAP at 79565 -82870. My new theory, if gap is always fiiled, there might be a Lower high at 83k-84k (movement like this is intended to liquidate high leverage shorts). But I would pay little attention as advised earlier. But still, just new theory I am interested with.
This post has been edited by mois: Apr 7 2025, 08:57 AM