Uniswap at Resistance! Is a Drop to $5 Inevitable?Uniswap is up against the previous channel resistance around $5.50 after falling back down to $4.85. The last attempt to break $5.50 ended in a triple top, this may be a last attempt and with a failure, could lead to another pullback to the bottom of the trend. Bitcoin is currently at risk of a pullback as shown in my 4HR and Weekly analysis. Being a leading indicator, it is another data point in our trade decisions.
How do we trade this?
A short is risky without a sell signal, and a long is risky because we're at resistance. We're also in a bull trend so the probability of profit is less when shorting. Better to wait for more price action before entering a trade.
Key Points
1. Bull Channel, our Mode of operation should be "Always in Long"
2. The price is currently at a Previous Resistance Level
3. Bitcoin as a leading indicator, is at resistance
4. A Pullback to $5 is likely
5. Wait for more price action
You are solely responsible for your trades, trade at your own risk!
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