Ubiq Is Likely To Rise And Form Double Top
Ubiq still looks strong in the short term analysis as it continues to produce higher highs and higher lows, while failing to go lower the previous low at $2. After reaching a new all-time high at $7.4, UBQ/USD fell down substantially, losing over 60% to USD.
Although this seems to be only a corrective move down rather than a trend reversal as the drop was stopped at the previous high, that is $2.85, where 4/1 Gann Fan trendline was rejected.
Of course, the market had to take a break after the rally throughout most cryptocurrencies, but now consolidation period seems to be coming to an end and the uptrend should continue shortly, including the Ubiq. The nearest upside target is seen at 327.2% Fibonacci retracement, that is $7.8, and it yet to be seen the reaction of the market at that price. Rejection could trigger a long-term consolidation and drop back quite a lot, while a break above should confirm the uptrend continuation.
Although this seems to be only a corrective move down rather than a trend reversal as the drop was stopped at the previous high, that is $2.85, where 4/1 Gann Fan trendline was rejected.
Of course, the market had to take a break after the rally throughout most cryptocurrencies, but now consolidation period seems to be coming to an end and the uptrend should continue shortly, including the Ubiq. The nearest upside target is seen at 327.2% Fibonacci retracement, that is $7.8, and it yet to be seen the reaction of the market at that price. Rejection could trigger a long-term consolidation and drop back quite a lot, while a break above should confirm the uptrend continuation.
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