Shwayze

YFI to 35k - How long will it take to get there?

Long
BINANCE:YFIUSD   YFI / US Dollar (calculated by TradingView)
YFI has shown its Bullish potential over the last week, as price has bounced off the MA50 on the 1D chart, and the MA50 crosses up and over the MA100 on the 4HR chart. Currently it is at the top of the Keltner Channel, signifying a correction.

We may not have a big enough bounce off the MA50 to keep us out of danger in the short term, so we could see another drop back down to areas of higher support, and a consolidation. MACD crossover shows it favors the Bulls, which was what brought the token into gains of over 100% recently. RSI is at 59, which is a perfect buying zone to be in, as this increases to 70s or 80s we will dip into the overbought zone and have our potential correction.

Otherwise, if this does play off the MA50, we should see it reach the goal in a shorter timeframe. 35k is not the end, just the level that YFI needs to become relevant in mainstream. There was a lot of buying pressure recently, as YFI dipped down to 8k, which saved it from further danger. But its not out of the woods yet.
Comment: Well this pattern played out nicely....

Comment: Pretty Accurate so far..

Comments

This was the first alt coin ever I watched launch and sky rocket besides bitcoin. It really taught me a lesson. A basic lesson but a lesson none the less.
Reply
Shwayze swamp_gritz
@swamp_gritz, Check out UNI if the market sinks - well im sure you see it rising lately. I think that trend will also bring SUSHI back up. If UNI goes South with this upcoming bearish market, you can potentially buy in from $1.50 - $3 again, and I do believe its going to $10 soon
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Shwayze Shwayze
Oh yeah, and INJ - Injective Protocol - its my only ICO that is continuously rising. I have APY.Finance, Unilend, Polkastarter, Edgeware (testnet), UniBright, UniTrade, Nucypher (little hesitant about this one), and more - but INJ is the one doing really well. I couldnt get into GRT because it was only open to investors outside US - but that one is a must have. I bought INJ at .70, were at $1.35 when I checked 20 min ago.
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yobediah swamp_gritz
@Shwayze Do you think there is a correction coming for UNI ?
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Shwayze yobediah
@yobediah, Its up 100%+ Its due for small corrections along the way. And yes, if all coins go south this week, for a profit taking, I believe UNI should be one.
Reply
Shwayze Shwayze
Are you looking to get in on that coin to make profit, I would buy in with the bullish wave now, the reversal could come at any time, or not at all.
+1 Reply
yobediah swamp_gritz
thanks. I’ll wait for a better entry point. Looks like the correction is still ongoing on UNI
I’ve also shorted YFI
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aha, ok. Do you like this better than BTC and ETH ?
Reply
Shwayze Sweetcanary
@Sweetcanary, No.. Bitcoin is King and will remain King (at least for 10 years or so after mass adoption), and Ethereum has way too much going for it for me to rank YFI above it. And I rank Polkadot ahead of YFI also. That being said, it is more about trends and what is trending currently. This cycle has a large focus on Defi - which just like 2016-17 with its ICO's - it was huge in the summer, and died off in the winter.

But if you look at 2017, youll see that ICOs exploded much higher in 2017 - and I think we will see a similar pattern of Defi - It has demonstrated its place in Crypto, and is here to stay. I think the bubble has just started, and YFI is one of the top names out there. Same with Uniswap, which I was buying down to $1.63 I think. Once Version 3 releases, that coin could be $10-$15. I bought YFI down to 8k, and if it dips again ill buy again. We have a potential reward of 100k, having hit 44k already I think that is a very real target price, potentially higher. A very real risk is the coin drops down to 3k-4k (sure it could be zero, but I don't see that being very tangible). So the risk/reward turns in our favor once the coin dips down to 8k-10k or lower, which I believe will happen.

It's a big name in the top performing sector of a hot industry - <- That is one of my fundamentals for the stock market too, and it has been working out.
+4 Reply
@Shwayze, Very good ! Thank you so much for your excellent detailed explanation. Best wishes : )
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