The Clues are in USDT.D
TOTAL OTHERS TOTALDEFI TOTAL3 TOTAL2 According to the USDT.D chart; It is safe to say that back in November 2021 was a major pivot point for TOTAL crypto chart. The clue in the USDT.D chart was the doji candle that formed at the 1:0.618 GW 3 wave correction overshoot.
There is so much to say in this chart that explains major pivots in TOTAL (Layered in purple line graph). But I will focus on the present (nearly completed) 3 wave correction.
I say we would be game on for a 1:0.618 GW retracement; this would indicate some more correction in the overall market before continuing up. But we are currently fighting with September 2020 resistance. SO this is not guaranteed.
BUT if we do, I will be looking for wicks (shooting stars) through the 200 SMA (maroon ribbon).
Once complete; this 3 wave correction suggests a continuation pattern to the down side for USDT.D. When that continuation starts, TOTAL will be making the next major wave up.
I have specified a target, as this area has major support. But It could do something different.
With that said, hold on to your hats because this TA suggests that it’s going to get wild soon!
Good Luck Traders!
Note: USDT.D is currently printing underneath the 200 SMA; First time in history…👀
- Not Financial Advice -
Note
Here is a smaller TF clue that could strengthen the chance of a 1:0.618 GW correction. On the 1D chart; an ascending IHS (Inverted Head and Shoulders) pattern has printed, followed by a bear trap shakeout. Note
Also Note: That "pump fake" through the 200 SMA on the 1D chart. That was the February 3rd dip. Note
Another Note: If USDT.D does make a higher high, this does not mean lower lows through the entire crypto market. Historical evidence shows that a lower low for OTHERS was not printed as USDT.D made a higher high. Note
Which could suggest good news for alts, and not so good news for large cap/higher ranked coins. But this TA only applies if a higher high is formed on the USDT.D chart. As mentioned before, USDT.D did get rejected by recktember 2020 resistance, but a possible retest could be in the works.
Good Luck Traders!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.