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As early as 11 weeks on the YFII market, the price is corrected and buyers are tested for strength. The range of $3460-$3770 is constantly under attack but still remains under the control of buyers. After a strong attempt by buyers at the end of August to fix above the $4757 mark, the initiative was passed to sellers. This was due to strong resistance from sellers, which occurred at a critical point in high volumes. However, sellers were unable to implement their initiative and only proved their weakness for 11 weeks. The current weekly candle from 15 November signals the probability of the YFII price fall continuation in the range of $3460-$3770. Though, given the nature of the YFII price fall in the weekly timeframe, this will only be a good chance to enter the low-risk market.
https://www.tradingview.com/x/jUCeD6Hl/
The main scenario for us is the continued YFII price growth with the first serious target of $6880. In order for the alternative scenario to take effect, sellers need to break and fix below the $3460-$3770 range with a few weekly candles. A sharp Bitcoin fall and buyers retention of the range of $52,000-$53,000 can help such a scenario. Then YFII sellers will open the way to the $2716 mark. But, there are no prerequisites for such a scenario at the moment.
Technical Analysis of YFII in the Daily Timeframe
https://www.tradingview.com/x/TZCNcZeQ/
Analyzing the YFII price movement on the daily timeframe, we can see the failed attempt of buyers on 16 November to go beyond the red wedge. On this day, buyers tested the upper trend line at increased volumes, but the daily candle closed below the opening price. This fact indicates the presence of a large number of sellers in the YFII market.
Therefore, the probability of continued YFII price movement within the wedge over the next week is quite high. However, it is worth noting the reaction of YFII to the fall of BTC. If on 16 November the reaction was 100% and sellers repeated the aggression, then on 19 November attempt by BTC sellers to push the price lower did not affect the YFII market. This is a good sign for a market reversal and the beginning of a new YFII price growth wave.
The YFIIBTC Price Did Not Break the Critical Level of 0.06
https://www.tradingview.com/x/wMwpeHwU/
The weekly YFIIBTC price chart illustrates the beginning of our growth. Sellers were unable to break the 0.06 range and buyers are now completing the bottom ramming before the growth. The growth prospect to the first obstacle of sellers is 50%. The final medium-term target is at 0.2.