Hello, Skyrexians!
Today we are going to continue observe the charts which can be the evidences of potential altseason. Earlier we pointed out the Bitcoin dominance reversal and the potential impulsive wave 5 for altcoins dominance. Today we are going to look at the another very important chart of USDT.D. to understand if we will see the altseason in the nearest future.
Let's take a look at the weekly time frame. Globally the chart is in huge uptrend, but last 2 years it is decreasing. We can count this dump as a major correction ABC in the super cycle. Waves A and B have been already printed. Wave B reached 0.61 Fibonacci of wave A, it can give us a great confidence that now USDT is in wave C. Moreover at the top of wave B our Bullish/Bearish Reversal Bar Indicator [Skyrexio] has printed the red dot, the huge bearish signal, as a result it's dumping now. As always, alerts from this indicator are automatically replicated on my accounts. You can find the information in our article on TradingView.
Wave C has the clear target between 1 and 1.61 Fibonacci extension levels of wave A. Now this zone is located inside the 1.55% and 2.77%. This is significant move which can cause altseason or this dump can be caused by some issues for Tether. Nobody knows, but finally there is a high chance that USDT is going to remain the position of the most popular stable coin.
Best regards,
Skyrexio Team
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