nicostran
Long

YOYO Idea Update! ABC correction over, what next?

BINANCE:YOYOBTC   YOYO / Bitcoin
Here is an updated idea for YOYO. I believe we have just completed an ABC correction, and now the price has to eventually choose a direction.

It would not surprise me if we consolidated a while or entered a sideways trading channel short-term. I'll get to why later.

But if there is a break above resistance, consider entering the position and take profit at the next resistance level / fib zone

Note that the fib levels for YOYO don't seem to be as defining for price action. Price did tend to range in the general area however, so think of these levels (in red) more as a general zone than a specific level.

I don't think anyone would dispute that recent price action suggests some kind of reversal, explaining our moves up so far. But now we have to ask ourselves, what next? Is the correction over, or is this the start of something?
To answer this I think it is best to turn towards the overall market. Alts are experiencing good growth right now, and bitcoin             appears healthy. As long as bitcoin             continues in the uptrend, Alts should continue to at least break even, but more likely, increase value.

If this were to apply to YOYO, then we could predict a new Elliott structure will take place after adequate consolidation / ranging price channel , and that this structure should move us up to test the next resistance levels, so long as the market stays healthy.

I advise to keep stops a little below strong support levels (keep the "zone" in mind, don't set too close to the levels), and you can move stops up as YOYO hits its next targets in green. That way you can protect some of your profits should we see positive price action.

One last thing to keep in mind. YOYO is currently ranked 274 by coinmarketcap.com This makes it a pretty low cap coin, which can mean more volatility . It also makes the trade inherently more risky. Practice proper risk management with well placed stop-losses! Set alerts on TV if you can.

As always, happy trading! :)

***This is a volatile market, always practice risk management, as the future is unknown***
Comment:
Comment: Looks bullish to me. Inverse H and S
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