FutureBlockchain

YFIBTC - another BCH-like pump in the making ?

Long
BINANCE:YFIBTC   YFI / Bitcoin
Hello all,

In the light of the recent very good breakouts against BTC (ETC,LTC,BCH etc), I would like to put your attention on another interesting pair.

This is the YFIBTC (Yearn.finance), which is looking pretty interesting.

First we go do the 1D timeframe where we saw the coin bottoming around 0.58 at the end of March after an exhaustive downtrend and a triple bottom formation-like movement. Now YFI is using the 21-day EMA as a dynamic support to move towards the horizontal resistance at 1.


What I expect from here and have this as a trigger point, is a daily candle close above 1. 05 . This will open the door for a move towards the last visited high in the 1.5 area. This is an easy 50% move from the current price and is in line with the 160% Fibonacci extension from the last correction.

This idea is also supported by the 1W chart where the YFIBTC just climbed above the 21-day EMA and we all know that this is one of the most trusted trend reversal indicators.


If we go down to the 4-hour chart, we can as well visualize the pretty stable uptrend like leading to the horizontal resistance

Comment: Good 20% profit overnight during the correction. Still waiting for the main action here
Comment: YFI hit our target. Case closed
Trade closed: target reached: Target reached

Comments

Nice chart!
+1 Reply
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