YFIBTC update - perfect head and shoulders pattern and follow-up
Going back to my YFI chart, you can see that the head and shoulders perfectly played out.
It went straight to the predicted target and stopped dead right there.
Now the sell-off seems to be taking a breather, but sentiment is awful. What's to stop it dropping further from here?
Well, for one thing it's an over-crowded trade, and the best way to take money from crypto morons
is to play against the prevailing narrative.
However in this case, this thing was so over-priced to begin with, and there are so many odd rumours floating around, I have to be honest and say we're looking at a correction to 0.98 BTC.
The only way this could be invalidated is if some news came out that re-framed this as a 'discount' price, but for now $CORE has really stolen a march on this project.
It went straight to the predicted target and stopped dead right there.
Now the sell-off seems to be taking a breather, but sentiment is awful. What's to stop it dropping further from here?
Well, for one thing it's an over-crowded trade, and the best way to take money from crypto morons
is to play against the prevailing narrative.
However in this case, this thing was so over-priced to begin with, and there are so many odd rumours floating around, I have to be honest and say we're looking at a correction to 0.98 BTC.
The only way this could be invalidated is if some news came out that re-framed this as a 'discount' price, but for now $CORE has really stolen a march on this project.
Comment:
Consolidating under a support line not exactly promising. Still think we get 0.98 BTC
Comment:
Ok, so 0.94 - 0.98 BTC did end up being a key level as I anticipated - in this case, a wobbly support.
However, the bloodbath was much worse than I had anticipated.
However, the bloodbath was much worse than I had anticipated.