USDC DOMINANCE: REJECTION POSSIBLE!!!
Hello wonderful traders, welcome to my quick USDC Dominance update.
Timeframe: 3 Days.
Description: USD Coin (USDC) is a cryptocurrency whose value is tied to the U.S. dollar. USD Coin is a stablecoin, and as such one USDC should always be equal in value to one dollar. USD Coin is currently the second-largest stablecoin, with a current market capitalization of $73 billion. USD Coin and Tether (USDT) together account for 80% of the capitalization of the global stablecoin market.
Update: The USDC.D is unable to break through the 7% resistance level. This could be a clear sign of rejection towards the lower band of the trendline (2.5%). But before it does that, there's a support at a 5% level from where USDC.D may possibly bounce back.
Parallel Relation with BTC: If the USDC.D gets rejected towards the 5% support level, it will be a -17% drop which means the current bounce in BTC could rally up to 28k to 30k where we have strong resistance. And if the USDC.D bounces back from the 5% support level then BTC will surely get rejected from its resistance level.
Relative Strength Index: The RSI is beyond 70 indicates that it is overbought. The RSI needs to come down in order to maintain the balance. On the other hand, the RSI in BTC is oversold which means the price of BTC will possibly rally.
Conclusion: We are at the end of the 2nd quarter and I expect the beginning of the 3rd quarter to be bullish for the market.
What is your view on the current market situation? Share with me your thoughts and ideas. I will be glad to read them out.
Thank you for your support.
Timeframe: 3 Days.
Description: USD Coin (USDC) is a cryptocurrency whose value is tied to the U.S. dollar. USD Coin is a stablecoin, and as such one USDC should always be equal in value to one dollar. USD Coin is currently the second-largest stablecoin, with a current market capitalization of $73 billion. USD Coin and Tether (USDT) together account for 80% of the capitalization of the global stablecoin market.
Update: The USDC.D is unable to break through the 7% resistance level. This could be a clear sign of rejection towards the lower band of the trendline (2.5%). But before it does that, there's a support at a 5% level from where USDC.D may possibly bounce back.
Parallel Relation with BTC: If the USDC.D gets rejected towards the 5% support level, it will be a -17% drop which means the current bounce in BTC could rally up to 28k to 30k where we have strong resistance. And if the USDC.D bounces back from the 5% support level then BTC will surely get rejected from its resistance level.
Relative Strength Index: The RSI is beyond 70 indicates that it is overbought. The RSI needs to come down in order to maintain the balance. On the other hand, the RSI in BTC is oversold which means the price of BTC will possibly rally.
Conclusion: We are at the end of the 2nd quarter and I expect the beginning of the 3rd quarter to be bullish for the market.
What is your view on the current market situation? Share with me your thoughts and ideas. I will be glad to read them out.
Thank you for your support.
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