UniswapLong
UNISWAP → Bull Channel Continues! Price Target of $7.25?
Updated
Uniswap is showing bull channel support and is indicating the price wants to continue upward toward the $7.25 range. Should we long here? Or is the previous channel resistance around $6.50 going to send us back to the depths?
How do we trade this? 🤔
It's reasonable to long now. We have a bull signal candle at channel support followed by an additional bull candle that's not as strong as we would like to see, but a bull candle nonetheless. It's reasonable to see if the current 4HR candle closes on or near its high before entering a long. Entering here and setting a protective stop below the channel support is ideal, take profit at 1:2 Risk Reward around $7.14 just before the Resistance Zone.
💡 Trade Idea 💡
Long Entry: $6.28
🟥 Stop Loss: $5.85
✅ Take Profit #1: $7.24
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Bull Channel, Bias to Long!
2. Bull Channel Showing Support.
3. Gap to Resistance Zone (Previous High).
4. RSI at 60.00 and above Moving Average, Bias to Long.
5. Reasonable to Long Here for best Risk/Reward.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
How do we trade this? 🤔
It's reasonable to long now. We have a bull signal candle at channel support followed by an additional bull candle that's not as strong as we would like to see, but a bull candle nonetheless. It's reasonable to see if the current 4HR candle closes on or near its high before entering a long. Entering here and setting a protective stop below the channel support is ideal, take profit at 1:2 Risk Reward around $7.14 just before the Resistance Zone.
💡 Trade Idea 💡
Long Entry: $6.28
🟥 Stop Loss: $5.85
✅ Take Profit #1: $7.24
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Bull Channel, Bias to Long!
2. Bull Channel Showing Support.
3. Gap to Resistance Zone (Previous High).
4. RSI at 60.00 and above Moving Average, Bias to Long.
5. Reasonable to Long Here for best Risk/Reward.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
Note
Uniswap tested the $5.90 support once again and this time bounced with a confirmation Bull Bar back into the bull channel. The current price of $6.50 had some resistance in previous attempts to move upward. Let's keep an eye on the price and look out for any reversal signals.
More updates to come as they unfold!
Trade closed manually
Target zone hit! Reasonable to take profits at $7.10 or in that zone making the assumption that with was an exhaustion candle and the end of the trend. A fresh analysis will be coming soon!
-Joe Dean
Trader Engineering Course
**Available Now at TraderEngineering.com**
Trader Engineering Course
**Available Now at TraderEngineering.com**
Related publications
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.