YFI has both broken out of its falling wedge, and formed an Adam & Eve reversal pattern at the end of that breakout, neckline already has a breakout.
Before heading to targets for either (targets on the chart):
- I'm expecting it to push just above the 200 day EMA, potentially near the halfway point to its falling wedge TP 1, or around 8800-9k
It will likely consolidate around the 200 EMA for a bit before moving on to higher targets, or failing to get above it and re-testing either top of wedge break or Adam/Eve neckline again.
Adam/Eve pattern could also be considered a cup & handle - targets would be the same in either case.
SUMMARY
- if we can eventually get and hold above the 200 EMA, short-term targets are the Adam/Eve TP 1 and 2, and longer-term targets are the falling wedge TP 1 and 2. - meanwhile, look for a move above the 200 EMA to 8800-9k, followed by consolidation around the 200 EMA.
Comment
⋅
Update - Halfway to Adam/Eve TP 1, holding above 200 EMA so far:
Comment
⋅
Adam / Eve TP 1 reached, looking at a lot of other alts, they've reached short-term TP 1 and approx halfway to TP 2 after a breakout above 200 day EMA, and then come down for a re-test or near re-test of that 200 EMA:
Comment
⋅
Stopped just shy of TP 2 and is sitting around the halfway point to TP 2. This is where Filecoin began correcting and consolidating around its TP 1 and/or the 200 EMA:
Comment
⋅
Note: it also stopped just above and is now near the halfway to the larger pattern / falling wedge's target TP 1
Comment
⋅
Back down around TP 1, corrected from halfway to TP 2 as suggested:
Comment
⋅
Adam/Eve TP 2 reached:
Now let's see if we can hit TP 1 on the falling wedge, which is presently in line with the 200 day SMMA (blue line)
@linofx1, appreciate it, thanks for checking out this idea
dudebruhwhoa
⋅
Thanks for taking the time to read my thoughts on Yearn Finance (YFI), please share your own. It seems a lot of alts are making similar patterns and targets right now. Be wary of DXY, which could end this recovery early if it turns up hard from the area arounnd 101-103 (or 99-104 on LTFs)