YFI/USDT Bull RunDear All,
I am sharing my personal prospective analysis for YFI/USDT on the long term run
I could see that the last trend has been broken upside indicating a bullish upward trend that might need more volatility and volume to start parabolic rise toward ATH
In the chart I have set three ATH horizontal line for highest high appeared in chart pattern (Head and shoulders) indicating (Highest High in Left shoulder, Highest High in Head and Highest high in Right shoulder).
Referring back to the previous ATH that was created in an Head & Shoulder chart pattern between the dates (29-Aug-2020 and 5-Nov-2020) I could say that we will see something similar to current rally and it might take few weeks to enjoy it. To make it more visualized and easier for you i have taken Bars Pattern for the same dates and move it right on the first two candles since they broken the trend-line (Marked in Green Bar candles).
To confirm movement of price upward i have used Fibonacci Retracement to indicate the price movements toward the following targets only if the daily candle closed above price ($31,781.41) were the heading price range would be targeting R1 $(40,073.62), R2 $(53,493.06), R3 $(66,912.50), R4 $(75,205.72)
In Summary we might see price heading initial maximum price range toward Fib. Retrac. Level @1.618 and trend will move to a bearish zone that will reverse maximum price range toward Fib. Retrac. Level @0.50-0.618 between ($25070.69 - $28908.65) marked with Red Price Label that will be entry point for bull run toward ATH resistance ($43,966) that once breakout will create New ATH at Fib. Retrace. @2.618 = and then keep watching (Volume, MA, RSI) to confirm price movement toward next bull run targets R3 $(66,912.50), R4 $(75,205.72).
Trade Safe, ensure you've your own study and targets before you jumped in.
N.B. This is not a financial advise. The movements of YFI are dependant on the BTC and ETH in terms of dumping so you can watch them parallel as well. Personally with YFI/USDT short time frame trading aren't best choice so ensure you enter on lowest price range on bearish zone as that would be only long term investment in such coin. When the price is in the bull run set your personal target for Sell according to your study. Remember once you enter don't forget the Stop-loss just in case any negative news happened.
Wish you all the best.