Beginning to watch some short positions as Bitcoin approaches it’s first resistance level. This setup will only play out if Bitcoin gets rejected at it’s current resistance level, if it continues to push higher there will be other short setups that arise.
This YFI setup is a bearish retest of a resistance level that has been holding for several months. The resistance level also confluences strongly with a 0.618 retracement from the breakdown as shown by the fibs.
And we can zoom out to see the next target level for YFI. There is a low volume area just beneath so very little support to be found until the $6170 area.
Beginning to watch some short positions as Bitcoin approaches it’s first resistance level. This setup will only play out if Bitcoin gets rejected at it’s current resistance level, if it continues to push higher there will be other short setups that arise.
This YFI setup is a bearish retest of a resistance level that has been holding for several months. The resistance level also confluences strongly with a 0.618 retracement from the breakdown as shown by the fibs.
And we can zoom out to see the next target level for YFI. There is a low volume area just beneath so very little support to be found until the $6170 area.