YFII: Decentralized Finance and Market Psychology

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In this analysis, I'll be explaining the speculative nature of the alt-coin market, exemplified by the defi hype.

- It's extremely difficult, almost impossible to apply technical analysis to the newly listed Defi coins on major cryptocurrency exchanges
- They have very little price history data, and most of their fundamentals in terms of project development, is questionable to say the least
- In the case of YFII, we can look at the hourly chart to speculate its next move
- As the 'Defi-hype' is not over yet, there is still a lot of capital flowing into altcoins, and bullish movements are supported by high volume
- Based on market psychology, people who have missed out of the YFI opportunity, are jumping into YFII, in fears of missing out
- Based on the trend, we can see that a "U" shape recovery is taking place, with potentiality for YFII to hit its previous high once again
- It has gone up over 100% already from the local bottom, and has an 80% upside to the next top
- The Ichimoku cloud confirms the bullish trend , as prices are trading above the cloud.

The cryptocurrency altcoin market, currently driven by the Defi-hype, is just another phase of a speculative market after the 2017 ICO phase, and 2018 STO phase.

Don't predict the market. Take it by levels, and play by probabilities.

- Michael Wang-

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