Dominant bias for TETHER (USDT) – Bearish
Resistance Levels – $0.9600, $0.9800, $1.0000
Support Levels – $0.8500, $0.8000. $0.75000
USDT is in a bearish trend in its medium-term outlook. The clear move to the downside started on 11th October when the price was down to $0.9630 in the support area after weeks of consolidation. The bulls attempt to the upside was minimal only to $0.9810 in the resistance area on 13th October. The cryptocurrency closed lower at $0.9600 on 14th October.
The 4-hour opening candle at $0.9680 was bearish thus sustaining the bearish pressure by closing at $0.9590. USDT dropped to $0.8696 in the support area as the strong bearish pressure continues.
Currently, the cryptocurrency is retracing. This is important for the market correction before downtrend continuation. USDT is at the 23.6 fib level and may continue to 38.2 level. These levels are trend continuation zones. The bears may stage a comeback at either of this as the relative strength index is in the oversold region is at 8% and it signals points down which imply downward movement in the price of the cryptocurrency
The bears may target 8000 at the supply area in the medium-term.
