YFII - 6h. YFII price started a local wave of decline
Starting in October 2020, the price of the YFII token is moving in broad consolidation with the boundaries of $1169-3682. The last time sellers tested the lower bound of this consolidation was in May 2021. After this event, buyers have been trying for 2 months to take control of the YFIIUSDT market into their own hands.
The first important step has been passed - the buyers did not allow the local minimum to be updated on June 22 and started the price movement in the growth trend channel.
The second achievement of buyers is the consolidation midline test ($2400). However, buying this token is now quite dangerous, since the probability of a price decrease to the range of $1650-1750 is maximally high. Buyers lost the local liquid range $2220-2250, which they gained thanks to high volumes. In addition, the lower trendline of the growth channel is now under the control of sellers.
On the 3-day chart, we see that a local attempt by buyers to continue the upward trend is taking place at low trading volumes. In addition, the last three-day candlestick has every chance of closing with a hairpin up. This fact can be a signal for another test of buyers' strength.
A serious buyer is in the range of $1650-1750, he kept all the sellers' attacks, allowing them only to form false breakouts. Therefore, this range is perfect for buying the YFIIUSD token for a medium-term trade with a target of $3682.
P.S. At the mark, the YFII price may bounce up to the range of $ 2100-2140. If in this range there is no noticeable big pressure from buyers and high trading volumes, you can catch a good trade by 20%.
___________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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The first important step has been passed - the buyers did not allow the local minimum to be updated on June 22 and started the price movement in the growth trend channel.
The second achievement of buyers is the consolidation midline test ($2400). However, buying this token is now quite dangerous, since the probability of a price decrease to the range of $1650-1750 is maximally high. Buyers lost the local liquid range $2220-2250, which they gained thanks to high volumes. In addition, the lower trendline of the growth channel is now under the control of sellers.
On the 3-day chart, we see that a local attempt by buyers to continue the upward trend is taking place at low trading volumes. In addition, the last three-day candlestick has every chance of closing with a hairpin up. This fact can be a signal for another test of buyers' strength.
A serious buyer is in the range of $1650-1750, he kept all the sellers' attacks, allowing them only to form false breakouts. Therefore, this range is perfect for buying the YFIIUSD token for a medium-term trade with a target of $3682.
P.S. At the mark, the YFII price may bounce up to the range of $ 2100-2140. If in this range there is no noticeable big pressure from buyers and high trading volumes, you can catch a good trade by 20%.
___________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
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