A few steps were not enough for YFI buyers to test the historical high. After a grueling price consolidation at $30,000, buyers were able to set a new local high of $39,930. Of course, this is good news. However, after 50 days of consolidation, buyers managed to grow by only 50%. If you look at the dynamics of YFI price growth from November 5 to 19, it becomes clear that buyers do not have enough strength for a new aggressive wave of growth.
The YFI price has tested the upper trend line of the wedge, in which the price has been trading since the beginning of November. Buyers are now trying to consolidate above the previous strong level of $30,000.
If buyers fail to break the $43,000 mark, the probability of a reversal of the growth trend and the test of the $20,800-22,000 range will increase significantly.
The global level that YFI holds remains unchanged at $18,000. Continuing the downward wave in the BTC market to the $26,000 mark will help YFI sellers test this mark. The situation is tense. You need to be extremely careful: __________________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!
Why there is no updates for this idea since target almost reached! Lol I am jokin. Nice analysis, i will not call it a tense situation if price dropped to 18K zone as that would only happened if ALTs market cap decreased not just BTC being bearished only. As i don't think that ALTs season will be ended with 1-2 weeks only as BTC rally took more than that. so still we have room for the trend to either consolidates or correction before the big jump toward new ATH. I have similar idea published for YFI and will update it soon.
P_S_trade
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@decimalBoa50339, lol, I strained at first :))
Thanks for the thoughts!