#BTC/USDT ANALYSIS
Bitcoin is currently rebounding from the support trendline of a descending channel and trading within a key horizontal demand zone. The Ichimoku Cloud is acting as overhead resistance, while the 200MA beneath the channel signals bullish strength.
A bounce from this level seems likely. However, if Bitcoin breaks below both the horizontal demand zone and the support trendline, it could lead to a bearish move, signaling further downward momentum in the market.
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September 5, 2024
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#USDT DOMINANCE ANALYSIS
USDT Dominance (USDT.D) is currently trading within an ascending channel, with the Ichimoku Cloud signaling bullish momentum. This points to a potential continuation of the current trend.
To confirm the next significant move, it’s essential to watch for a decisive breakout above the channel, which would suggest further USDT strength, or a breakdown below, indicating a possible reversal.
Since USDT.D usually moves inversely to the broader cryptocurrency market, these developments could provide insight into the overall market direction.
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