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Tether dominance faces key resistance that could support the crypto market

Tether dominance faces key resistance that could support the crypto market
Gregor HorvatGregor HorvatWavetraders

Tether Dominance (USDT.D) is testing the same levels seen in 2021/2022, when it topped in wave 5 while Bitcoin was completing its bearish cycle on a weekly basis. If history repeats, an ABC corrective structure could still be developing, with wave C potentially still missing.

USDTdW
USDT.D vs. BTCUSD Weekly Chart

On the 4-hour chart, USDT.D has already completed a five-wave decline followed by an ABC corrective recovery, which could now lead to another move lower. Such a decline in Tether dominance could provide room for further recovery in Bitcoin and selected cryptocurrencies in the near term.

usdtd4h
USDT.D 4H Chart

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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