UBQ Breakout trade idea
Updated
UBQ is currently forming a falling wedge pattern and approaching a key horizontal support level. With a bullish divergence on the RSI we might see a breakout to the upside.
With BTC consolidating, this could be a good time for altcoins to gain some momentum
With BTC consolidating, this could be a good time for altcoins to gain some momentum
Comment
The bullish divergence played out and we saw a nice breakout with good volume and a huge wick. After some consolidation, we can now see a bullish pennant forming, signaling a continuation of the trend.
Looking at the ichimoku cloud on the 4HR timeframe using double settings (20, 60, 120, 30), a TK cross has occurred and price is close to breaching the cloud giving us a bullish kumo breakout.
RSI has also broken through previous swing highs, so this could be a good opportunity to benefit from the same setup as before.
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