YFII Multiple Reversal Signals | Chart Analysis

27 בנוב׳ 2020

The charts are always changing...

The price of any trading pair (asset/stock/altcoin/etc) can move up, down, or go sideways at any given time, regardless of what the signals are saying.

Here, we are just reading charts... We do not predict nor decide any market movements.

Literally like you read any language.

The candles are codes/symbols from which we can attach meaning.

Let's read some of the signals coming from this one.

For YFIIBTC on the daily timeframe, we have multiple signals that are pointing to a potential resumption of the uptrend that started back in early November when a low was hit.

1) Yesterday, YFIIBTC printed a Dragon Fly Doji... Look it up. This signal is bullish.

2) Support was found just below the 0.618 Fib. retracement level relative to the bullish wave that started after the early Nov. low.

Normally we were seeing the 0.786 Fib. retracement level tested before any correction ends... But as the market bullish sentiment becomes stronger, we can see corrections end at higher levels.

This means that we will eventually see only the 0.5 Fib retracement level being tested and finally the 0.382 Fib. support.

Right now, prices bouncing off of the 0.618 Fib. level can be considered a bullish signal.

3) The trading volume was higher on this day (yesterday).

4) We have an ascending channel.

5) Bitcoin dropped by $3000+ and still, these altcoins only showed normal/classic behavior.

If these were to break down completely, we would see some sort of erratic behavior.

6) Other altcoins are already moving bullish including YFIBTC (Visit my profile to find this article).

These are some of the signals we are seeing now.

If EMA10/EMA21 produces a rejection, then support will be tested again before any additional bullish action.

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This is not financial advice.

Make sure to build a plan/strategy BEFORE you decide to trade.
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Namaste.

Previous chart Nov 6
YFII Has Even More Than YFI To Grow (670% Mapped)