Long term investor, and trading of my own personal funds. Long term Trading View peruser, but this is my first post, so please bare with me, as I learn to get my views across.
// Fundamentals
A strong project by Year Finance, that originated as a fork from YFI. The big difference between the two, is that YFII is a community driven project. Some great people in the team.
In a DeFi world that saw a boom in Sept, and an sector that will be very lucrative going forward.
// Technically
YFIISUD has been behaving very technically, in my opinion. As with most projects, it reacts to the big brother's (BTC) moves. Comparatively to YFI, which saw a much stronger correction to the upside following the 26th Nov sell off in BTC, YFII grew slowly, but steadily to the upside. With corrections since decoupling from most moves in YFI.
To me it seems we're clearly in the C leg of an ABC correction to the downside, wave 2 on the higher degree. It is quite possibly that we retrace further from here to the golden zone of .618- .65 fibonacci, or even the the .707. There is price action and previous support at those levels, in and around 1630-1550 USD.
We are in the hands of the BTC gods on the final bottom of wave 2. However from there, we go into wave 3, where the upside is significant. First also target sits at 3,100 USD. I am personally adding to my position when I have clarity on the start of wave 3. My rule is to wait for the pop, then for the retrace of that pop, and only at that point do I add to my position. I am not a seller, and merely use the correction, to add further to my longs.
// Summary
Very important to keep an eye on BTC. I'm personally long on BTC, DASH, YFII, and ETH. Corrections are imperative, and allow the market to stabilise. Find it's support, help investors accumulate and build for stable growth.
There is a significant amount of institutional investment happening in the Crypto sphere, and understandably and a limited supply asset class like BTC provides a good hedge against weakening currencies.
21% of all dollars in circulation were printed in 2020. Let that sink in.
Thank you for reading!
Espen
// Fundamentals
A strong project by Year Finance, that originated as a fork from YFI. The big difference between the two, is that YFII is a community driven project. Some great people in the team.
In a DeFi world that saw a boom in Sept, and an sector that will be very lucrative going forward.
// Technically
YFIISUD has been behaving very technically, in my opinion. As with most projects, it reacts to the big brother's (BTC) moves. Comparatively to YFI, which saw a much stronger correction to the upside following the 26th Nov sell off in BTC, YFII grew slowly, but steadily to the upside. With corrections since decoupling from most moves in YFI.
To me it seems we're clearly in the C leg of an ABC correction to the downside, wave 2 on the higher degree. It is quite possibly that we retrace further from here to the golden zone of .618- .65 fibonacci, or even the the .707. There is price action and previous support at those levels, in and around 1630-1550 USD.
We are in the hands of the BTC gods on the final bottom of wave 2. However from there, we go into wave 3, where the upside is significant. First also target sits at 3,100 USD. I am personally adding to my position when I have clarity on the start of wave 3. My rule is to wait for the pop, then for the retrace of that pop, and only at that point do I add to my position. I am not a seller, and merely use the correction, to add further to my longs.
// Summary
Very important to keep an eye on BTC. I'm personally long on BTC, DASH, YFII, and ETH. Corrections are imperative, and allow the market to stabilise. Find it's support, help investors accumulate and build for stable growth.
There is a significant amount of institutional investment happening in the Crypto sphere, and understandably and a limited supply asset class like BTC provides a good hedge against weakening currencies.
21% of all dollars in circulation were printed in 2020. Let that sink in.
Thank you for reading!
Espen