Why I believe that YFI has not completed its pullback yet
I believe that YFI is at the wave 4 stage of an EIW. For 1-4 days we will bounce between two lines of support & resistance (23,832 - 27,367) forming a double top and then make our way down to 18.6K
Since we entered Wave 4 the sell pressure is getting the better of the buy pressure (longer wicks on top of the candlestick bodies) Fri - Sat we will make an attempt on the 20 EMA (The TD sequential on the daily is at 9 & indicating a pump) and get rejected which will trigger the move down to 18.6K
We already have Bullish Divergence on the daily RSI but there is still room for it to increase. Whether we can make it to the measured move ($53.2K) remains to be seen due to the dollar having at least a temporary recovery
Since we entered Wave 4 the sell pressure is getting the better of the buy pressure (longer wicks on top of the candlestick bodies) Fri - Sat we will make an attempt on the 20 EMA (The TD sequential on the daily is at 9 & indicating a pump) and get rejected which will trigger the move down to 18.6K
We already have Bullish Divergence on the daily RSI but there is still room for it to increase. Whether we can make it to the measured move ($53.2K) remains to be seen due to the dollar having at least a temporary recovery
Comment:
Please ignore this idea as the upper yellow trend line is completely off. The concept remains unchanged however upper target has been changed. Looks like we could double top with the existing ATH