We have recently broken a YFI falling wedge and I will be taking an entry here at ~13719.
TP: Pattern shows ~21750 movement based on pattern size * 0.62 (62% chance of reaching target) and we get 13,483$ from breakpoint as target, or ~26905$
SL: Bottom of Local/swing low ~11960
Pattern info: thepatternsite.com
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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!...
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.
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.