Hi friends hope you are well and welcome to the new update on the YFI token.
Rejection by 30K resistance level:
Previously we have seen that the price line of YFI was rejected by the 30K resistance and it was moving towards the support of 20K. Now finally the price action has bounced from the 20K support.
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Price action forming lower highs:
Now if we take a look at the live daily chart, the price action of YFI is also having good support of 100 simple moving average at the same level where it has the 20K support. But after getting bounced from these supports the YFI did not reach the 30K resistance even it is forming lower highs.
Formation of a falling wedge:
While forming lower highs and lower lows the price action of YFI token has also formed a falling wedge pattern. The 100 simple moving average is also working as strong support with the support of this wedge pattern.
An expected Gartley move:
Now if we switch to the long-term weekly chart, then priceline is likely to complete the final leg of the bullish Gartley pattern. If the price action breaks down the 100 simple moving average and the 20K support level on the daily chart, then this Gartley move on the weekly chart will be confirmed. The potential reversal zone of this pattern is from $18649 to $11787.
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Conclusion:
Even though the priceline of YFI token has good supports of 100 simple moving average, 20K and support of wedge on the daily chart, but if these supports will be broken down then an imminent move upto $ 11787 can be expected to complete the final leg of bullish Gartley pattern that is being formed on the weekly chart.
