UMA created Head and Shoulders top in 2021 which triggered bigger correction. Correction is now complete - 1:1 meassured move to downside done.
We are in oversold range and have created longterm bullish divergence. Process of bottom formation can vary from asset to asset (see example Tara and Aioz) but eventually downward pressure is exhausted and we get backtest of highs.
I expect bounce up and once price breaks major diagonal resistance line (holding us back for over 4 years) we can expect move to speed up toward fibb 0.886 range (Nov 2021 pivot) where likely rejection and test of fibb 0.5 for support.
We are in oversold range and have created longterm bullish divergence. Process of bottom formation can vary from asset to asset (see example Tara and Aioz) but eventually downward pressure is exhausted and we get backtest of highs.
I expect bounce up and once price breaks major diagonal resistance line (holding us back for over 4 years) we can expect move to speed up toward fibb 0.886 range (Nov 2021 pivot) where likely rejection and test of fibb 0.5 for support.
Note
We got the bounce but price not showing yet the real power. In order to follow move of alts that already pumped (example Tara and Aioz) we need to see strong weekly candle doing a clear breakout of diagonal resistance line, thus confirming run toward fibb 0.886 range.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.