YFIUSDT 12/11/2020: Long Term & Short Term
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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It's better to be early to noticed it than being late in this price action. YFI has a very interesting Elliot Wave Counts. If this came true, then wow!
But Elliot Wave Count must be supported with indicators: Moving Averages, RSI, Stoch RSI and MACD (To confirm it)
As of now, I'm still holding short position at somewhere $ 29K. I think it may go down but indicators like RSI is showing hidden bullish divergence. So, Be careful.
Previous technical analysis in the related ideas below.
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The discussion is split into: Long Term and Short Term. Long Term means what could happened in the next weeks or month possibly. Short Term means what could happens in the next 3 days.
Long Term
Elliot Wave Counts
Detailed
As of now, YFI is in a corrective price action. I think this down trend is nearing to an end. It has finished wave 1 of a larger wave 3. ABC Correction in wave 2 of a larger wave 3 is nearing it's end. Right now, we don't know yet how low it may take but as long as it doesn't take the lows at $ 7,451.36 (This wave count is valid). What is interesting in this chart is the wave 3 of a larger wave 3. The larger wave 1 started when this coin was released in public. The larger wave 2 started in the 3rd week of September 2020. I see several signs of reversal in the daily time starting 1st week of November 2020. Right now, there is a high probability of a reversal from bearish to bullish in the long term. I'm watching this level to potentially hold as one of my confirmation: (1) 0.382 - $ 22,486.71; (2) 0.500 - $ 19,615.89; & (3) $ 16,745.06. Only time tells. I always revisit this TA from time to time.
NOTE: As long as Bitcoin is moving up or in sideways. YFI can go higher. What worrying me if Bitcoin dumps by 30% this December 2020 or in January 2021. Ouch!
Clean Chart
Short Term
Summary: Not safe to enter a position as RSI is somewhere 30 level in 1HR & 4HR but may still go down.
1D
The Bearish Divergence (red arrow) still in play but after that "There is a potential bullish divergence (Green Arrow)". Price still above moving averages. Looks like a pullback to Fibonacci Levels: (1) 0.382 - $ 22,486.71; (2) 0.500 - $ 19,615.89; & (3) $ 16,745.06. Let's see on what level it holds but mostly likely somewhere at 0.382 or 0.500.
4HR
Bearish Convergence in play. Possible Target at $ 16,295.29 (closer to 0.618 at $ 16,745.06). But as you in the chart, I may potentially bounced due hidden bullish divergences (see RSI & MACD)
1HR
The same with 4HR.
_____
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
_____
It's better to be early to noticed it than being late in this price action. YFI has a very interesting Elliot Wave Counts. If this came true, then wow!
But Elliot Wave Count must be supported with indicators: Moving Averages, RSI, Stoch RSI and MACD (To confirm it)
As of now, I'm still holding short position at somewhere $ 29K. I think it may go down but indicators like RSI is showing hidden bullish divergence. So, Be careful.
Previous technical analysis in the related ideas below.
_____
The discussion is split into: Long Term and Short Term. Long Term means what could happened in the next weeks or month possibly. Short Term means what could happens in the next 3 days.
Long Term
Elliot Wave Counts
Detailed
As of now, YFI is in a corrective price action. I think this down trend is nearing to an end. It has finished wave 1 of a larger wave 3. ABC Correction in wave 2 of a larger wave 3 is nearing it's end. Right now, we don't know yet how low it may take but as long as it doesn't take the lows at $ 7,451.36 (This wave count is valid). What is interesting in this chart is the wave 3 of a larger wave 3. The larger wave 1 started when this coin was released in public. The larger wave 2 started in the 3rd week of September 2020. I see several signs of reversal in the daily time starting 1st week of November 2020. Right now, there is a high probability of a reversal from bearish to bullish in the long term. I'm watching this level to potentially hold as one of my confirmation: (1) 0.382 - $ 22,486.71; (2) 0.500 - $ 19,615.89; & (3) $ 16,745.06. Only time tells. I always revisit this TA from time to time.
NOTE: As long as Bitcoin is moving up or in sideways. YFI can go higher. What worrying me if Bitcoin dumps by 30% this December 2020 or in January 2021. Ouch!
Clean Chart
Short Term
Summary: Not safe to enter a position as RSI is somewhere 30 level in 1HR & 4HR but may still go down.
1D
The Bearish Divergence (red arrow) still in play but after that "There is a potential bullish divergence (Green Arrow)". Price still above moving averages. Looks like a pullback to Fibonacci Levels: (1) 0.382 - $ 22,486.71; (2) 0.500 - $ 19,615.89; & (3) $ 16,745.06. Let's see on what level it holds but mostly likely somewhere at 0.382 or 0.500.
4HR
Bearish Convergence in play. Possible Target at $ 16,295.29 (closer to 0.618 at $ 16,745.06). But as you in the chart, I may potentially bounced due hidden bullish divergences (see RSI & MACD)
1HR
The same with 4HR.
_____
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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