Bitcoin is Inversely Correlated with USDT Dominance...

in #bitcoin2 years ago (edited)

When USDT hits it's upper bounds, bitcoin tends to bottom and vice versa

In what is probably something that is very intuitive if you really think about it, bitcoin tends to bottom when USDT dominance tends to top out.

When USDT dominance hits resistance and bounces off of it several times, the price of bitcoin tends to bottom and reverse.

We are seeing the first touch right now for USDT of previous resistance levels:

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(Source: https://twitter.com/blaakke/status/1486905514487390212/photo/1)

While I'd like to see a few more touches before I'd call this a bottom just yet, it's encouraging to see this setup.

People flee bitcoin to tether and when it starts going up again they flee tether for bitcoin.

Funny how that works...

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people always looking for alternatives, according to them

Upvoted! Thank you for supporting witness @jswit.
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Why tether, the world’s third-biggest cryptocurrency, has got economists worried.
Tether is the third-biggest cryptocurrency in the world by market value. And it’s got some economists — including an official at the U.S. Federal Reserve — worried.

Last month, Boston Fed President Eric Rosengren raised the alarm about tether, calling it a potential financial stability risk. Meanwhile, some investors believe a loss of confidence in tether could be crypto’s “black swan,” an unpredictable event that would severely impact the market.

The issues surrounding tether hold significant implications for the nascent cryptocurrency world. And economists increasingly fear that it could also impact markets beyond digital currencies. Here’s what you need to know:
tether.jpeg

it doesnt matter what tether does, the funds will just flow into other stable coins, something huge coming too the crypto world

glad to hear this, let's see whats coming huge in the crypto. hope for the best

yes it is suppose to be inverse cos once usdt dominance starts dropping funds starts flowing into coins

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