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.
Author
Viktor Karapetjanc
Crypto Post
Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.
