ANALYSIS 🔎
- UMAUSDT brokeout above the horizontal resistance level and hit an ATH
- Price then retraced for a retest of the flip horizontal support and 0.618 fibonacci retracement level.
- RSI is printing a bullish divergence signal (BDS 🔼).
- The retracement is bounded in the falling wedge pattern.
- A falling wedge pattern is a bullish reversal pattern.
- A breakout above the falling wedge's resistance could be an uptrend continuation signal.
- Price action is printing a double bottom pattern at the retest area.
- A double bottom pattern is a bullish reversal pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the falling wedge's resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
-Breakdown below the double bottom horizontal support level.
- UMAUSDT brokeout above the horizontal resistance level and hit an ATH
- Price then retraced for a retest of the flip horizontal support and 0.618 fibonacci retracement level.
- RSI is printing a bullish divergence signal (BDS 🔼).
- The retracement is bounded in the falling wedge pattern.
- A falling wedge pattern is a bullish reversal pattern.
- A breakout above the falling wedge's resistance could be an uptrend continuation signal.
- Price action is printing a double bottom pattern at the retest area.
- A double bottom pattern is a bullish reversal pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the falling wedge's resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
-Breakdown below the double bottom horizontal support level.
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.
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.