YFI - Update. History repeating?
Updated
YFI has had a pretty good week all things considered. NOTE: Not sure why my EMA line went all funny and shifted down on me. Assume that red line is on the EMA trendline, in bold red.
On the last analysis, we said to watch YFI and whether it can break through the downward channel, setting a higher low and continuing it's overall upward channel.
After the last few days, it's looking like that may be the case. Though I don't believe we've seen the last of the market shake-out right at this moment.
Let's look at some factors...
I've marked two areas on the chart, 1. is the previous low-point in the proposed upward channel, 2. is now. I see similar trends forming in these areas on all the indicators I have on the chart.
I've been seeing this more and more around the market, similar trend patterns as have happened in the past but in a seemingly compressed period of time. Timeline accelerating due to the general market insanity perhaps? Or perhaps just imagining things...
Other than that, MACD looks healthy, we're seeing a series of higher highs and lower lows, pushing to the top of it's downward channel in what looks to be a new short term sideways/vertical column. If YFI continues this direction I think history may repeat and we may see it climb back to the top of it's overall upward channel. Potentially even new ATH? But that would be crazy. Wouldn't it??
Let's check back in a few days and see what happens...
Be safe everyone. It's a wild world out there.
On the last analysis, we said to watch YFI and whether it can break through the downward channel, setting a higher low and continuing it's overall upward channel.
After the last few days, it's looking like that may be the case. Though I don't believe we've seen the last of the market shake-out right at this moment.
Let's look at some factors...
I've marked two areas on the chart, 1. is the previous low-point in the proposed upward channel, 2. is now. I see similar trends forming in these areas on all the indicators I have on the chart.
I've been seeing this more and more around the market, similar trend patterns as have happened in the past but in a seemingly compressed period of time. Timeline accelerating due to the general market insanity perhaps? Or perhaps just imagining things...
Other than that, MACD looks healthy, we're seeing a series of higher highs and lower lows, pushing to the top of it's downward channel in what looks to be a new short term sideways/vertical column. If YFI continues this direction I think history may repeat and we may see it climb back to the top of it's overall upward channel. Potentially even new ATH? But that would be crazy. Wouldn't it??
Let's check back in a few days and see what happens...
Be safe everyone. It's a wild world out there.
Comment
Broke to a new low on todays drop! still higher than previous low in channel and downward trend. Will update idea towards end of the week to see how this plays out
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