optictropic
Long

YYW may be poised to enter a markup phase

BITFINEX:YYWETH   YYW / Ethereum
Yoyow             is showing some interesting signs of life. After being added to Bitfinex, YYWBTC             rallied nearly 1000% before taking some time to cool off. This period of consolidation is looking very much like a reaccumulation phase reaching peak maturity.

YYWUSD             appears to have jumped a creek and is currently retesting resistance created by prior all-time highs. After we see a substantial close above 0.50 USD, first targets are

  • resistance created by the all-time high wick at 0.85 USD, and
  • the volatility-funnel target, sitting just above the 2.618 fibonacci extension at 0.96 USD

Overperformance on this rally may lead to prices over a dollar, don't get greedy and start scaling out where appropriate. I'll be looking to reclaim liquidated shares on the retrace, which will likely resemble a test of resistance-turned-support, either at the breakout levels of 0.50 USD or current all-time highs at 0.85 USD.

YYWBTC             is breaking out of a volatility funnel as well, showing increasing volume and spread on rallies and solid support with higher lows each time. A conservative target is pointing to a ~85% increase from current levels.

YYWETH             is interesting on account of that massive volume spike. Ethereum             has enjoyed a great rally lately, so it is significant that there is so much volume from a highly-trending and valuable asset into YYWETH             . No price targets generated from this graph, only an additional sign that we may be exiting a reaccumulation phase and beginning proper markup.



Remember that markup phases can produce extreme rallies, so don't bail out completely until there is evidence of a strengthening counter-trend. Trust in a good entry and ride the trend.
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