✴️ YFI | Resistance Turned Support? Advanced Profit Taking Tips

I understand that too much explanation is not needed because this right here is a classic, the chart is pretty clear, but let me add just one tidbit of thinking...

➖ YFIUSDT peaked mid-November 2023 while Bitcoin peaked mid-January 2024.
➖ YFIUSDT can move out of sync with Bitcoin, with the current market situation this can be good for this pair.

When Bitcoin drops, we can normally expect the ALTSUSDT pairs to follow suit but seeing this lack of synchronization between BTCUSD and YFIUSDT can increase the potential for a bullish wave here.

I mention this because we obviously have a lower support ("Main support") that can easily be tested, that is normally tested before a new higher high takes place but since a Bitcoin correction can push YearnFinance higher, this matches our view that Bitcoin can perform a sudden correction next.

Still, we ought to consider each chart individually and use the broader market only to reinforce our views for the bigger picture.

From a trading perspective, the pair is really good with a tight stop-loss.
➖ Closing below 6,500 means closed.
➖ Trading above this level keeps it strongly bullish, while strongly bullish we aim up.

➖ Mid- to long-term, any trading above 4,600 can be an easy hold in expectation of the next major bullish wave.

There is nice potential for growth.

We now know that it is easy to get a good entry with Alan Santana but, did you sell on the way up?

Did you secure profits for those hundreds of pairs that you buy and hold?

Yes or no, it doesn't really matter... You have another opportunity now and will have more opportunities in the future to practice, improve and reach your goals.

Accept your mistakes, setbacks are nothing more than training days.

Why didn't I sell in November when I was up more than 200%?
Most likely because you were expecting for it to go higher and this higher will happen but based on the long-term.

Getting out would mean losing the bigger wave if the pair continued to grow but holding/not selling meant missing out on all profits and now waiting for months.

We don't have to be 100% right... Next time you can sell a small portion on the way down as well as on the way up.

If you sell when prices are high, you can buy when prices are low.
If you buy when prices are low, you can sell when prices are high.

There are two ways to profit from a trade:
1) You can either sell on strength (while the rise is nice and strong);
2) Or you can sell on weakness (after the rise is over).

We are focusing now on profit taking because we already mastered the entry... The entry is so easy because we simply buy and hold... As soon as we clear one level, the next level shows up.

Let's continue on the next trade idea...

Your feedback is appreciated.
Your comments welcome.

Namaste.