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(YFIUSD 1W Chart)
If the price is maintained above the 23950.81209-30217.97887 volume profile section, it is expected to continue the upward trend.
Watch for breakout above 50-51K neckline for possible confirmation of Adam and Eve pattern on 1D.
~ 61-63K range may be potential target if that is the case.
Need to see increase volume and MACD crossover signal line as well.
Good luck trader!
A pennant pattern often indicates a strong rally in price 📈. It begins with a strong uptrend which is identified as the flagpole. Afterwards it pulls back into a sort of sideways trend in which the resistance and/or support are not parallel to each other and form a triangle. When the candlesticks reach the tip of the triangle, a strong uptrend ensues 💪.
We may be running out of steam here for YFI, possible distribution and re-test of 40k soon, hitting fib 0.786.
IFwe don't hold that level, we can jump in when it hits the low 30's.
Not financial advice :)
The 2-hour chart shows us that YFI is close to breaking below a major trend line. This trend has been in place from the 13th of May low at $60,487.
I consider this to be an important level of support, as a clear break has the potential to push the Yearn Finance price back to $50,000.
A series of lows from early April provide support around the $50k mark.