YOYOW could outperform bitcoin by 260%
|Following the previous idea on YOYOW vs Bitcoin, it has reached the upside target at 2175 satoshis and managed to close above it. At the same time YOYO/BTC continues to produce higher highs and high lows as well as rejecting the uptrend trendline, suggesting the continuation of the uptrend. After reaching the target price corrected down to 61.8% Fibonacci retracement level where it has found the support.
As the support has been rejected and if it will continue to be respected, YOYOW should continue moving higher, towards the next major resistance at 227.2% Fibonacci retracement level, that is 6.4k satoshis area. This is the rise of 260% from the current price which could take place in the next few months.
The downside risk should not be ignored, and if YOYO will close below the 1490 satoshis, a double bottom formation could take place, sending price back to 800 satoshis area.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.