Hey friends, hope you are well and welcome to the new update on year.finance token.
As in my previous post, I told you even I warned that the price action of YFI token can be crashed up to 90% more. And so far it has dropped more than 44% in the USD market and 54% in the Bitcoin market.
Below two basic reasons were base of my prediction for the drop.
- The formation of the head and should pattern.
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- The formation of the final leg of the bullish butterfly pattern was expected YFI token in USD market and in the Bitcoin market as well.
Formation of bullish Butterfly in USD market:
Formation of bullish Butterfly in Bitcoin market:
At this time it can be observed that the priceline of YFI token has last support at $4684 in US Dollar market as below:
At the same time the price action of year.finance has the Last support at 0.40140 in the Bitcoin market as below:
On the 12 hr chart, the price action of YFI token has also formed a double top and turned more bearish.
On the daily chart, it can be observed that the MACD is turning bearish and the Stochastic has given bear cross. And EMA 10 has formed a bear cross with EMA 21. Now even though the priceline has entered the potential reversal zone of bullish Butterfly but we can wait for EMA 10 to cross up the EMA 21 before placing our buying orders. And also wait for the indicators to give bullish signals.
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Conclusion:
The YFI token is very strong bearish and can move more down from here but at the same time, it is in the potential reversal zone of the butterfly as well. Therefore we need to keep an eye on different indicators and signals carefully before placing the buying orders. Because even though the bullish Butterfly can produce up to 1600% big bullish rally but the potential reversal zone is also very wide.
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