I don't know much about this coin, so I did this chart analysis real quick as a start.
The red wave (2) has retraced to 0.786 fibonacci, so perfect entry time.
RSI has broken out.
I put standard 1.618 fib targets for wave 3, but it can go higher.
Holders Making Money at Current Price
yearn.finance price today is $15,225.72 USD with a 24-hour trading volume of $2,486,278,868 USD. yearn.finance is up 12.12% in the last 24 hours. The current CoinMarketCap ranking is #38, with a market cap of $456,279,971 USD. It has a circulating supply of 29,968 YFI coins
After giving an impressive rally in the last couple of days, it looks like, YFI may do a bearish retest on the larger timeframe.
I took a small scalp and sold for a 4% gain today, but currently, I'm laddering my shorts till the 32k zone.
Though market is choppy, and anything can happen, it is always better to play with proper position sizing and risk management!...
In this analysis, I found 2 bearish pattern at YFI
1. Head and shoulders perform with neckline at 21819. If this neckline break down, bearish target at 4295
2. ABCD Fibonacci pattern also perform with right shoulders as C point. This pattern projection at fibonacci 1.618 at 11563
Tell me your opinion
This platform is for yield optimization and has been dropping like a stone. Lot's of opportunity and there has been over $1.8B in volume on this product in the last 24/hrs with a market cap of only $490.6M.
I'd keep a close eye on potential confirmation the trend has finally bottomed.
Yearn.Finance needs to break out at around 21k and hold that finding support around 21.6k as this was support a few weeks ago until we broke it. If we
don't break above above 21k within the next few hours, we are most likely going to see it fall down testing around the 18k levels and if we break that, then it will be going much lower.
I finally looked into this defi craze to see what the heck is so special.
So apparently some fatbody neckbeards came up with a scam.
And would you believe it, stupid poor people are pouring their money into it.
This is how it works:
Smart contracts on ETH are enabling "decentralized" exchanges to airdrop new coins to people that loan the exchange real coins.
called the first measured move off by
200 $ not too bad, for those who caught that early nice move ;) patients, thumbs up !
for those who caught the second move bing bang right to the first measured move target