Yearn.Finance (YFI) All Gains Removed | What Now?Remember March 2021?
After March's low YFIBTC went on to grow by 200%+.
A new low has been hit recently which means that all the gains from the previous bullish wave have been completely removed.
All stop-loss triggered, this can turn into good news.
After a bullish wave, what follows is a bearish wave (March to April = bullish. April to now = bearish).
After a bearish wave, what follows is a bullish wave.
We are getting closer to the next bullish wave. Be prepared.
The RSI hit oversold/weak recently and is now starting to turn.
Yearn.finance (YFIBTC) is likely to move higher.
Remember to have a plan before you start trading.
Additional details on the chart.
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Namaste.
YFI
YFIUSDT Squeezing and Converging/Trading strategyBINANCE:YFIUSDT
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1H trend chart
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Long-term consolidation zone(pink rectangular) has formed a neckline and we can regard it as support zone now.
Price hit 37458.75 on 10/8, then keeps converging in a triangle formation, direction is still unknown.
So just wait for a break from this triangle, it might go up or down, but we tend to break it up because it's close to the support zone.
If the upper downtrend line can be broken out, trading strategy as below.
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Profit Targets:
a) 37458.75----Fib(1)
b) 39525.01~40360.63----Fib(1.272~1.382)
c) 42153.42-----Fib(1.618)
Stop losses:
a) 33284.69----Red horizontal ray
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💡Don't miss the great buy opportunity in YFIUSDTrading suggestion:
". There is a possibility of temporary retracement to the suggested support line (33074.02).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. YFIUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 54.
Take Profits:
TP1= @ 35050.55
TP2= @ 37510.70
TP3= @ 40701.10
TP4= @ 44013.91
TP5= @ 47181.85
SL= Break below S2
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💡Don't miss the great buy opportunity in YFIUSDTrading suggestion:
". There is a possibility of temporary retracement to the suggested support line (33074.02).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. YFIUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 54.
Take Profits:
TP1= @ 35050.55
TP2= @ 37510.70
TP3= @ 40701.10
TP4= @ 44013.91
TP5= @ 47181.85
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex / Crypto trader ?
Now, It's your turn !
Be sure to leave a comment; let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
YFIUSDT Technical Analysis
⏳ Spot
💎 YFIUSDT has formed a wedge pattern. After the breakout we see a Bullish flag before the breakout. the price might go for a retest or a pullback after the breakout and then it continues to go higher
🌐 Tradingview
🏁 Short & Medium Term
💵 Invest Only 5% of your Portfolio
🎳 Entry at Market or at 31990.00
☕️ TP1 35750.00
🍺 TP2 40225.00
🍻 TP3 47255.00
🍾 TP4 57000.00
🍷 TP5 _________
🍸 TP6 _________
🍹 TP7 _________
🎁 TP8 _________
🚫 SL 29680.00
Good Luck 🎲
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YFI / BTC - Potential for a Massive RunIf we manage to stay above this bottom at ~0.5-0.6 and turn up strong, we have strong potential for an inverted HS on the weekly, and a triple bottom on the daily chart. Should those succeed we should at least go back to our range highs around 1.1-1.5, and if we can get above range highs, we could see 1.8, then >2 and >3, a potential 6x run vs. btc that could even go higher. Do this while BTC goes up and the USD chart could do well more than 6x.
Get back below our bottom and fail to get back above it will invalidate this idea. Keep an eye on BTC dominance, if it continues to move up this move may have to wait longer before it starts.
YFI has been consolidating between ~0.5 and ~1.5 for over a year now. The longer the consolidation, the larger the potential move when it occurs.
Let's see if YFI breaks out hereFalling wedge, break out and 40k is min target. Get beyond 40k, we could head towards 50. Fail to break out and we could head towards a new low in the low 20s. We stopped 3 times in the same area, with a slightly higher low each time. Chances seem good here.
Yearn has been correcting and consolidating for over a year now. If it's going to move again, it may be one of our first movers in this next push.