YFIUSD 4HR: How to play the near term correction
Updated
Happy Friday everyone, this mornings breakout my have been short lived, but as stated prior that upper purple line is our trend channel resistance. So what do we do now?
A. Don't panic, and have a game plan.
B. Novice traders will see red and fold on a strong hand, simply put, when my previous targets are reached its very important to take some profits off the table so you can increase your position on these corrective moves downward.
C. As long as you follow this, when the trend resumes you will be more profitable upon a corrective reversal to the upside.
Overall, we are still in the rising channel with a long term bullish outlook with the prior posts levels still in play. Near term, we will need to strategically increase our position with the cash we have on hand from the prior profits. YFI is a yield optimizing coin, it needs some sideways action before pushing higher.
As always, feel free to leave questions in the comments, cheers!
-Tony
A. Don't panic, and have a game plan.
B. Novice traders will see red and fold on a strong hand, simply put, when my previous targets are reached its very important to take some profits off the table so you can increase your position on these corrective moves downward.
C. As long as you follow this, when the trend resumes you will be more profitable upon a corrective reversal to the upside.
Overall, we are still in the rising channel with a long term bullish outlook with the prior posts levels still in play. Near term, we will need to strategically increase our position with the cash we have on hand from the prior profits. YFI is a yield optimizing coin, it needs some sideways action before pushing higher.
As always, feel free to leave questions in the comments, cheers!
-Tony
Comment
First near term support holding, MACD still showing some potential downward movement. Volume is decreasing with last leg up buy volume be the largest (bulls in control). Telling me this is healthy consolidation.Comment
Nice ~15% gains from buy zones
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