So I had to trade a lot of Tether for USD today... Tether's pattern is basically a 5-point consolidation pattern (purple) followed by an S-curve dip and and peak (magenta). The dips correspond with BTC crashes in 16 July 2017 and 2 February 2018. The July 2017 point corresponds exactly with the bottom of that BTC crash. The February Tether dip is very close to the alleged February 2018 bottom. Is this an indication that we have actually reached the bottom of this dip? Maybe, so long as this USDT-BTC correspondence holds.
Next notice that the emergence of Tether from the bearish Ichimoku cloud last year occurs on the exact same day as the proceeding All Time High on 1 September 2017. Interesting for us because, if Tether continues along this pattern, we are due to emerge from the bearish cloud on 26 February this month!
Is this a new All Time High??? Or just a failed high? Or just a random coincidence?
Another question: why is cloud at this breakout point so thin! This time the bearish Ichimoku cloud is all but a slither. Why and what does this mean? In general thinness of the cloud means low volatility in the preceding period, which in turn means that the current price action is changing at a very regular pace (not surprising if the BTC rebound is being pumped by whales lol).
Three scenarios:
Breakout: YES! We break out moon big time, everyone gets lambos yeah, so happy, really
Fakeout: HAHAHA lol Tether price drops again and goes under the cloud, because naughty whales are not as clever as they think they are and we just don't have the kind of support to get us there, (because secretly we all know this crypto speculation is a massive Ponzi) and the next All Timer turns out to be a failed high.
Weirdly this kind of makes some sense, I will review this properly on Monday. IF the market survives by then that is. Lol
RealMcafee
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@DashMorgan, Ha ha, yes it's a big IF. No I'm sure we'll still be here, at least I give us good odds. Enjoy your weekend!
DashMorgan
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@barclayjames, It’s certainly food for thought. I will try, have a little bit too much tied up in Litcoin waiting the bull flag to break to $300(ish) and much prefer being in mostly fiat on weekends. You too though!
Mikelikescrypto
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Thanks, this is pretty interesting.
RealMcafee
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@Mikelikescrypto, Yeah I guess there must be some relationship to USDT price around important events like ATHs and dips since Tether is actually traded on Kraken and Poloniex, but I can't believe that we'll take off so soon. Seems far fetched.