YFIUSDT: Fast Short Possible (04.01.2021)
On D1, the price broke through the uptrend, after which a correction “zigzag” downward pattern was formed.
At the moment, a correctional "zigzag" pattern is also forming, but upward and on H4.
The downtrend border has become resistance for the price rise.
In addition, RSI (at H4) has reached the overbought level.
In our opinion, the price can test the 76.4% Fibonacci resistance level at h4 (28500), after which a rapid decline is expected to the 14000 level, possibly lower.
We recommend planning short sales of YFIUSDT in the range of 28000-30000 in order to take profit at14000, possibly lower.
At the moment, a correctional "zigzag" pattern is also forming, but upward and on H4.
The downtrend border has become resistance for the price rise.
In addition, RSI (at H4) has reached the overbought level.
In our opinion, the price can test the 76.4% Fibonacci resistance level at h4 (28500), after which a rapid decline is expected to the 14000 level, possibly lower.
We recommend planning short sales of YFIUSDT in the range of 28000-30000 in order to take profit at14000, possibly lower.