Hi Traders!
Today I bring you the YOYOW chart from Binance, with again short to mid term targets ranging from 50 to a whooping 170% potential profits!
https://coinmarketcap.com/currencies/yoyow/
https://yoyow.org/index_en.html
https://explorer.yoyow.org/
Lets dive right into the chart!
https://www.tradingview.com/x/lD7E5wJu/
What I'm looking for in this chart is for a breakout above 110 satoshi (which it seems to be trying as I'm doing the chart and writing the post).
Based on historical support and resistance lines which I marked with the purple lines, and with the help of the Fibonacci tool I came up with 3 potential target which I see playing out in the short to mid timeframe.
The first target is around the 170 satoshi area which would give about 50% profits on a successful execution of the trade.
This level marked first in mid July 19' has been used as a resistance multiple times since and is very close to the 1.618 fib line which resides at 172 satoshi.
The second target of this setup is around 225 satoshi and has been marked as a support area in the past, used twice before it broke downwards. Since it hasn't been visited many times as in the past the choice of that target fell in the moment the fib was pulled and saw the 2.618 fib line being at 222 satoshi.
The third and final target for this setup is at 300 satoshi, once again a support line in the past which ultimatly broke and became resistance which hasn't been visited for a long time. It resides close to the 4.236 fib line at 304 satoshi, hence the choice as the final target.
Hope you like today's pick!
Wishing everyone profitable trading and good luck in the markets!
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This post is NOT financial advice or any kind of recommendation, nor is CryptoChartArt licensed to give one!
It is a personal opinion and view on the chart!
Intended for entertainment purposes only!
Regards, OZ