UMA/USDT trend reversal
ANALYSIS 🔎
- UMAUSDT was printing a falling wedge pattern.
- This is a bullish reversal pattern.
- Price brokeout above the falling wedge's resistance.
- Price retraced and tested the 0.618 fibonacci retracement level.
- Price action is currently printing an ascending triangle pattern.
- This is a bullish build up pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Aggressive (risky): current market price (now).
- Conservative: breakout above the ascending triangle's horizontal resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
SETUP INVALIDATION ❌
- Breakdown below the ascending triangle's inclined support.
- UMAUSDT was printing a falling wedge pattern.
- This is a bullish reversal pattern.
- Price brokeout above the falling wedge's resistance.
- Price retraced and tested the 0.618 fibonacci retracement level.
- Price action is currently printing an ascending triangle pattern.
- This is a bullish build up pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Aggressive (risky): current market price (now).
- Conservative: breakout above the ascending triangle's horizontal resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
SETUP INVALIDATION ❌
- Breakdown below the ascending triangle's inclined support.
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