"Jack's Trading Classroom" YFIUSD continues to weaken

The last update on YFIUSD was on October 27, 2020, when we published a technical analysis "Caution on Rebound Risk in the Bearish Pattern of YFIUSD." The potential bottom pattern mentioned in the article saw the right shoulder and head lows break after the publication, causing the medium-term head and shoulders bottom pattern to fail, leading YFIUSD to continue its weakness.

The last update on YFIUSD was on October 27, 2020, when we published a technical analysis "Risk of Rebound to be Aware of in the Bearish Pattern of YFIUSD". The potential bottom pattern mentioned in the article saw the right shoulder and head lows fall successively after the publication, causing the midterm head and shoulders bottom pattern to fail, leading to continued weakness in YFIUSD.

After breaking below the support level of 10405, with sparse chips below and the moving averages diverging downwards, indicating a bearish setup, there is a high probability of testing the support level of 6165. The view remains the same, and it is advisable to avoid going long on contracts and holding spot positions to avoid the risk of being trapped by entering against the trend.

In recent days, the digital currency market has experienced significant volatility, and operators are advised to strictly implement risk control measures and avoid high leverage and high contract volumes to prevent additional losses caused by volatile market conditions. This article reflects personal opinions, please read with caution, as cryptocurrency trading may pose risks to your capital.

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