YFIBTC trade ideas
YFI / BTC - Triple Bottom A or Triple Bottom B?Super quick and simple chart - YFI / BTC has two opportunities for potentially forming triple bottoms, either of which could lead to some pretty nice gains.
Triple bottoms, when they do occur, tend to create a strong rejection of the downtrend, so we'll be looking for that to confirm either one of the two ideas here:
- Triple Bottom A - forms where we are now and we head up, after having double bottomed, rose sharply, and corrected- as of now re-testing the neckline of an inverted head and shoulders from the 2nd bottom.
This idea negates Triple Bottom B
- Triple Bottom B - we fail to form Triple Bottom A and continue correcting, re-visting bottom for... wait for it... a 3rd time
This idea requires Triple Bottom A to fail.
Goals
- get above the red box to confirm either.
- Triple Bottom A is invalid if we go well below the green box in the middle (below the two yellow lines forming the neckline of the inverted HS) ...but... this opens up the possibility for Triple Bottom B
- Triple Bottom B is invalid if we get well below the bottom green box and this entire idea fails altogether ;)
YFI / BTC sharing similar pattern to ETH / BTCQuick pattern comparison. Similar enough to warrant considering a rise may occur for YFI like that which has occurred with ETH.
While there are some differences in the interim patterns here, the overall pattern is very similar and seems to mimic what Ethereum has done, but is several months behind. Should it continue to do so, we could expect to see a strong rise once YFI has found its bottom.
Yearn.Finance (YFI) Likely To Go Again...These signals are very simple:
1. YFIBTC Corrected and found support exactly at the 0.786 Fib. retracement level of the last bullish wave.
2. Its price is back above MA200 (black line).
3. Look at the bullish cross on the MACD (chart below).
4. Other altcoins (Altcoins vs Bitcoin) are starting to move strong.
MACD:
YFIBTC can potentially resume its uptrend here.
Note: If prices break and close below 0.83396, we are likely to experience additional bearish action (red arrows).
Any trading above 0.83396 (Fib. retracement support) and/or 0.89857 (MA200) and we stay bullish.
If the charts signals change we also change.
Always adapt to the market.
Namaste.
YFI Ready For 400% GainsYearn Finance (YFI) had a convincing breakout today against bitcoin which could signal a new bullish cycle for the coming weeks/months ahead. As you can see on the chart the 0.6 level has been supported three times over the past months including a longer lasting rounding bottom, which signals accumulation and provides us with an ideal setup. A cup and handle pattern was formed against the 1.0 resistance level and the MA200 was being challenged for several weeks. This resistance zone broke today with good volume which means we can look to enter a long position.
PLAN:
Buy on retest of previous resistance level at 1.0
TP1: 1.6
TP2: 2.2
TP3: 3.0
TP4: 4.2
That's not all. The pair made a higher low compared to the previous one back in september which is a strongly bullish signal that could indicate a new all time high well above 4.2
Goodluck.
YFIBTC - another BCH-like pump in the making ?Hello all,
In the light of the recent very good breakouts against BTC (ETC,LTC,BCH etc), I would like to put your attention on another interesting pair.
This is the YFIBTC (Yearn.finance), which is looking pretty interesting.
First we go do the 1D timeframe where we saw the coin bottoming around 0.58 at the end of March after an exhaustive downtrend and a triple bottom formation-like movement. Now YFI is using the 21-day EMA as a dynamic support to move towards the horizontal resistance at 1.
What I expect from here and have this as a trigger point, is a daily candle close above 1.05. This will open the door for a move towards the last visited high in the 1.5 area. This is an easy 50% move from the current price and is in line with the 160% Fibonacci extension from the last correction.
This idea is also supported by the 1W chart where the YFIBTC just climbed above the 21-day EMA and we all know that this is one of the most trusted trend reversal indicators.
If we go down to the 4-hour chart, we can as well visualize the pretty stable uptrend like leading to the horizontal resistance
Yearn.finance (YFI) Trading above MA200 & EMA200 = BullishAs usual, we have YFII and YFI moving together.
Here we are looking at the YFIBTC pair for Yearn.Finance.
Just yesterday prices managed to break and close above EMA200.
The day before, we say YFIBTC conquer MA200 which is the black line on the chart.
This is a strong bullish signal.
The MACD is on the bullish zone and the RSI super strong, very similar to YFIIBTC which is now available by visiting my profile.
The targets are the light green dashed lines on the chart.
The main support stands at EMA50 or 0.83791.
Above this level we are bullish.
Below it, we switch to bearish.
We are looking at higher highs and higher lows with YFIBTC easily printing additional growth.
Patience is key for sure...
Namaste.
