Hi friends, hope you are well and welcome to the new update on YFI token.
Priceline moving in Fibonacci projection zone:
After taking bullish divergence from the potential reversal zone of bullish Butterfly, the priceline is still moving within the Fibonacci projection or sell zone area.
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After rejection moving toward support:
After being rejected by $30K resistance now the price action is moving towards $20K support and likely to form a parallel channel within these support and resistance levels. While the price action is forming higher highs on the other hand the RSI is forming lower highs, therefore there are more chances for the continuation of the bear trend.
The channel can be changed:
If the price action will be bounced from 100 and 50 simple moving averages then the movement can be changed from parallel to up channel.
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The harmonic BAT move:
On daily chart, the priceline of YFI token is also completing the final leg of bullish BAT and for the completion of this leg the priceline may move down between: $21128 to $ 19773 then it may move up from this potential reversal zone.
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Conclusion:
All indicators and patterns have confirmed a move upto $19773 but we should use the potential reversal zone of bullsh BAT as stop loss because, if it will be broken down then the bear trend can be continued.
Note: Above idea is for educational purpose only.
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