After giving an impressive rally in the last couple of days, it looks like, YFI may do a bearish retest on the larger timeframe.
I took a small scalp and sold for a 4% gain today, but currently, I'm laddering my shorts till the 32k zone.
Though market is choppy, and anything can happen, it is always better to play with proper position sizing and risk management! :)
Time will tell if this simple setup is correct or wrong.
As of now, I personally do not see any major reason (other than the Defi hype, which may soon die out) to take long here.
I'll update targets soon, stay tuned :)
I took a small scalp and sold for a 4% gain today, but currently, I'm laddering my shorts till the 32k zone.
Though market is choppy, and anything can happen, it is always better to play with proper position sizing and risk management! :)
Time will tell if this simple setup is correct or wrong.
As of now, I personally do not see any major reason (other than the Defi hype, which may soon die out) to take long here.
I'll update targets soon, stay tuned :)
Comment:
Remember: It formed a macro trend- Head and shoulders pattern as well.
Massively bearish on it :)
At least for short/mid term.
Massively bearish on it :)
At least for short/mid term.
Trade active:
It reached ¬16k, which was the first target.
Closed 60% of my shorts after confirmation on the bounce, around 18.5k.
If it goes below 16k, I will open new shorts
Closed 60% of my shorts after confirmation on the bounce, around 18.5k.
If it goes below 16k, I will open new shorts
Sometimes the most simple charts can be the most powerful