$USDT.D + $USDC.D Update
Demand held, looks like it is seeking range high and potentially an expansion.
This chart trades pretty clean.
Something worth tracking imo.
Stablecoin Dominance - $USDT.D + $USDC.D
For our turbo bull giga send higher scenario, we want this overall ranging structure to break down eventually, towards the 2-3% level.
However, near term we are coming into support at 5.55%. Clear skies ahead if we slice through and flip to resistance. But I am going to be keeping an eye on the market if BTC makes another push into 125-130k while we tag the 5.55% stable coin dominance level. It might only be a speed bump, but worth keeping an eye on all the same.
Perhaps a useful tool to use in confluence with BTC charts etc.
I use the stablecoin dominance chart mostly as confluence for risk on/risk off while we are at key levels.
At support/demand = consider risking off
At resistance/supply = consider risk on
At the moment, we have expanded from the demand zone (time to risk off was Aug-October according to this chart).
We're also mid-flight here, so I don't take any new signals from the chart in its current form, per se. I will say that the overall structure looks ready to send and break out of this range but again, its not a primary factor for obtaining bias. The bullish scenario for crypto would be a triple tap rejection at range highs - perhaps as bitcoin comes into 93k yearly open. Something to watch out for.
After the sell off we've seen over the last couple of weeks, the fact we're approaching "resistance" within this range and bitcoin is coming into the 93k yearly open level, imo its not a level to be opening fresh shorts. But given the increasing probability of range expansion looking at overall structure, I certainly wouldn't be slamming in longs here either. We're at a decision point, i.e. more data required to identify a high probability setup. Next couple of weeks will be telling ....
IF we break out of this range, I would expect BTC to be on its way to 82-88k though.
GL
45.86K
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