After giving an impressive rally in the last couple of days, it looks like, YFI may do a bearish retest on the larger timeframe. I took a small scalp and sold for a 4% gain today, but currently, I'm laddering my shorts till the 32k zone.
Though market is choppy, and anything can happen, it is always better to play with proper position sizing and risk management! :)
Time will tell if this simple setup is correct or wrong.
As of now, I personally do not see any major reason (other than the Defi hype, which may soon die out) to take long here.
I'll update targets soon, stay tuned :)
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Alright, looks like it did a bearish retest :) Sometimes the most simple charts can be the most powerful
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Remember: It formed a macro trend- Head and shoulders pattern as well. Massively bearish on it :) At least for short/mid term.
Trade active
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It reached ¬16k, which was the first target. Closed 60% of my shorts after confirmation on the bounce, around 18.5k. If it goes below 16k, I will open new shorts
How about now. I was wondering what buy targets were for a long term hold. YFI makes money from it's vaults like a dividend. I wanted to buy low and hold
Rahulbasu95
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@magnolia111,
For more risky entry, watch out for the reaction at 16k. As of now it is risky to buy because it just broke below a macro head and shoulders pattern as well.
Supports are there around 16k, 11k, 6k.
Hope it helps :)
I'll personally be interested in buying if it reaches 3k or goes below.
Now I know it's a bit too much of a bargain, but let's see!
I would not mind if I miss out buying as well.
BakiShirzadi
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Nice work, keep it up
Retail_Insider
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@BakiShirzadi, Thank you for stopping by. It means a lot :)