Long term targeting on Total2
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I see the potential for a very large move on Total2 based on the similarities I see between the current consolidation and the consolidation of late 2016 to 2017. I have an alert on the highest daily close shown in grey on the chart and I have been waiting patiently for that.
My view on the alt coin market therefor will be very bullish if price takes out the previous daily high. More so if we start to close weekly candles above the last weekly close. A major area to beat will be the 1.618 of the current Total2 retracement. In the last Total cycle we saw consolidation after price action hit the the 1.618 level that lasted about half a year. This time price is consolidating under the level and we cannot tell just yet if this is all some sick joke and Total2 tops around that level. Of course, once the 1.618 level of this cycle gets taken out I would expect a higher probability of a repeat of the last cycle. That would see consolidations at each of the major fib levels.
I continue to have a suspicion that without the alt coins bitcoin would clearly be swirling around the toilet and it is the altcoin market that is carrying bitcoin. That is why the charts on BTCUSD can look so bearish while total2 looks so bully. But as I said, first we have to get past the previous high on the daily and weekly closes, then the 1.618 extension. If market cycles are getting longer then the next year in crypto will be a heady time with those confirmations.
My view on the alt coin market therefor will be very bullish if price takes out the previous daily high. More so if we start to close weekly candles above the last weekly close. A major area to beat will be the 1.618 of the current Total2 retracement. In the last Total cycle we saw consolidation after price action hit the the 1.618 level that lasted about half a year. This time price is consolidating under the level and we cannot tell just yet if this is all some sick joke and Total2 tops around that level. Of course, once the 1.618 level of this cycle gets taken out I would expect a higher probability of a repeat of the last cycle. That would see consolidations at each of the major fib levels.
I continue to have a suspicion that without the alt coins bitcoin would clearly be swirling around the toilet and it is the altcoin market that is carrying bitcoin. That is why the charts on BTCUSD can look so bearish while total2 looks so bully. But as I said, first we have to get past the previous high on the daily and weekly closes, then the 1.618 extension. If market cycles are getting longer then the next year in crypto will be a heady time with those confirmations.
Note
Tradingview really needs to get its act together with its text boxes. I am getting more than annoyed that the text boxes don't show up on the idea when published as when I put them on the chart.Note
So far I see a lot of wicking on Total2 as price went below the daily Keltner Channel. So far the price action remains outside the the daily Bollinger bands but it does seem that we have found some indication that strong hands are looking to buy dips.
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