I spotted this and then clicked onto Twitter to see that every moron has seen the same thing.
Argument for:
$YFI is on a support line that's been tested a few times now so buyers must be getting fatigued at this point. More than the pattern, that makes me think we could see a drop to the support below.
This just happens to track with another support further down that was established prior.
Argument against:
It's always important to remember that crypto is a manipulated market, and being part of a crowded trade (especially in the short-term) isn't always a brilliant place to be.
My verdict:
Most likely, further downside. I'm not in $YFI right now, instead building a position on $CORE.
Argument for:
$YFI is on a support line that's been tested a few times now so buyers must be getting fatigued at this point. More than the pattern, that makes me think we could see a drop to the support below.
This just happens to track with another support further down that was established prior.
Argument against:
It's always important to remember that crypto is a manipulated market, and being part of a crowded trade (especially in the short-term) isn't always a brilliant place to be.
My verdict:
Most likely, further downside. I'm not in $YFI right now, instead building a position on $CORE.
Comment:
Neckline broken, road to nearest support has begun.
Trade closed: target reached:
Pretty much went exactly as anticipated.