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Crypto Elliott Wave Analysis: YFI Is Forming Bullish Setup

Long
BINANCE:YFIUSDT   YFI / TetherUS
Hello Crypto traders!

Today we will talk about cryptocurrency YFI in which we see pretty clear bullish formation, at least for a short period of time.

Crypto market is bearish in general and most of ALTcoins are still looking lower, but YFI is currently one of the strongest and we can already see it turning nicely up with five waves after a completed big (A)-(B)-(C) corrective decline from the highs.

Five waves up from the lows suggest that market found the support/bottom, at least temporary one. So, recent rally we see as a first leg (A)/(1) that can be now followed by a three-wave A-B-C pullback in wave (B)/(2) before we will see further rally into wave (C) or maybe even wave (3).

Ideal support would be around 61,8% Fibonacci retracement and 27k-25k zone, while invalidation level is at the previous 17k lows.

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