Hey friends hope you are well and welcome the new update on yearn.finance token. On daily chart the priceline of YFI token has formed a perfect Head & Shoulder Pattern and broke down the neckline. The neckline was at 20K.
On small time period 4-hour chart the priceline was moving in a perfect uptrend. On 19 Sep the price action has broken down this uptrend-line and now it has established a downtrend and broke down all simple moving averages with the time period of 25, 50, 100 and 200 as well.
Now the price action of yearn.finance is forming different harmonic moves in USD and Bitcoin markets as below:
The harmonic move in US Dollar market: The priceline of yearn.finance is completing the final leg of bullish Butterfly and soon it will be entered in potential reversal zone.
The targets as per the Fibonacci sequence of Butterfly are:
Potential reversal or buying zone: $11060 to $2044
Fibonacci projection or sell zone: $18058 to $34994
The harmonic move in Bitcoin market: The priceline of yearn.finance ( YFI ) is completing the final leg of bullish Butterfly and soon it will be entered in potential reversal zone.
The targets as per the Fibonacci sequence of Butterfly are:
Potential reversal or buying zone: 1.1557 to 0.3215 btc
Fibonacci projection or sell zone: 1.8030 to 3.3728 btc
Conclusion: As the priceline is expected to have more drastic drop in near future. But as the priceline is also completing final leg of bullish reversal moves therefore after completing this rally to the down side another rally to the upside can be expected that can be upto 1600%.
If it drops below 10k I think it will be bought so fast. But anyways nice analysis I’m not trying to put you down. That’s just my thoughts. Who knows you could be right
spencernev91
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90 percent would be like yfi being at 2 grand that’s just a rough guess without doing the math. That seems a bit crazy
moon333
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@spencernev91, buddy, I placed all calculations perfectly as per Fibonacci sequence of bullish Butterfly using pattern tool and manual calcuator, if you are still skeptical then plz watch the diagrams of charts at least that I have shared with all calculations, If your calculations are still different you can share your calculations as well. If the Fibonacci sequence shows the retracement from 1.27 to 1.618 then definitely it is not mandatory that the priceline should move to 1.618, it can be reversed between this zone. So $2044 (1.618 Fibonacci) is not a rough idea buddy but not necessary as well. These charts and their calculations need hard work, time, and research
SDWSWAG
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buying zone: 1.1557 to 0.3215 btc ?? Are you serious?
It's too wide. No way.
moon333
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@SDWSWAG, Yes its a perfect bullish butterfly 1.27 to 1.618 Fibonacci retracement, the ppl who trade this token can tell u this token has insane volatility, however when the priceline enter in potential reversal zone then from here the trader's start using more calculations and tools to have better idea what can be the best buying price between this level. you can see since I posted this idea at that time it was at 2btc now spiked at 1.16 sofar lost 72% of its value, now going to enter in buying zone