"Jack's Trading Classroom: YFIUSD Head and Shoulders Pattern Neckline Trendline Breakdown"

In the previous article "A Brief Discussion on the Technical Pattern of YFIUSD - Head and Shoulders," it was mentioned that "the neckline low of the YFIUSD head and shoulders pattern is 20275.10. If it falls below this level, it is highly likely to indicate a bubble-like decline."

In the previous article "YFIUSD Analysis of YFI Technical Pattern - Head and Shoulders", it was mentioned that, "The neckline low point of YFIUSD head and shoulders pattern is 20275.10. If it breaks below, there is a high probability of a bubble-like decline."

Currently, looking at the four-hour candlestick chart of YFIUSD, the head and shoulders pattern has formed at the top, and the neckline support trendline connecting the lows below has been broken. The trend of YFIUSD continues to weaken. A prudent approach would be to wait for the breach of the 20335 low point before choosing to sell existing positions or close long positions.
After breaking below the low point of 20335, there is a high probability of a bubble-like decline. The first range to look for is between 127.2-138.2, ranging from 11325-13920. Therefore, holders of spot positions and long positions should be aware of the risk of losses.

Upper resistance levels
R1 21940
R2 24075
R3 29445
R4 33530
Lower support levels
S1 13335
S2 10405

In recent days, the digital currency market has experienced significant volatility. It is recommended that operators strictly implement risk control measures and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article reflects personal opinions. Readers are advised to refer to it cautiously as cryptocurrency trading may pose risks to your capital.
WeChat Official Account: Jack's Trading Classroom
Personal website: jackbtc.io