Why I believe that YFI has not completed its pullback yet
Updated
I believe that YFI is at the wave 4 stage of an EIW. For 1-4 days we will bounce between two lines of support & resistance (23,832 - 27,367) forming a double top and then make our way down to 18.6K
Since we entered Wave 4 the sell pressure is getting the better of the buy pressure (longer wicks on top of the candlestick bodies) Fri - Sat we will make an attempt on the 20 EMA (The TD sequential on the daily is at 9 & indicating a pump) and get rejected which will trigger the move down to 18.6K
We already have Bullish Divergence on the daily RSI but there is still room for it to increase. Whether we can make it to the measured move ($43.9), which would be a double top with the current ATH, still remains to be seen due to the dollar having at least a temporary recovery
Since we entered Wave 4 the sell pressure is getting the better of the buy pressure (longer wicks on top of the candlestick bodies) Fri - Sat we will make an attempt on the 20 EMA (The TD sequential on the daily is at 9 & indicating a pump) and get rejected which will trigger the move down to 18.6K
We already have Bullish Divergence on the daily RSI but there is still room for it to increase. Whether we can make it to the measured move ($43.9), which would be a double top with the current ATH, still remains to be seen due to the dollar having at least a temporary recovery
Trade active
Please note that the measured move of 43.9K has been negated since the price action went lower than the pole. EIW is still in play presumably followed by a 3 wave correction.Note
Please keep in mind that the charts are a reflection of what HAS happened. The rest is down to indicators which can either give false readings or which can be over ridden. Our target still remains the 20 EMA on the daily which as of writing (25/09/20 03:10 hrs CET) is hovering around 27.7K I would suggest that if you are currently in a long I'd get out there and wait for the mkt (BTC & DXY) to show you in which direction it wants to go. YFI per se is definitely bullish but due to its small mkt cap. things can change direction VERY quickly. If the mkt, like I think it will, points to a move to the upside then our target will be 34.9K which is the fib extension from where we dumped to (20.2K) to the ATH ($43.9)
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.