UNIUSD Weekly Long
UNIUSD appears to be in a massive symmetrical triangle on its weekly and daily charts. Considering that this pattern reflects on both the weekly and daily timeframes, a breakout would be significant. With the state of the crypto market I would anticipate UNIUSD to breakout upward. In the event of an upward breakout, movement could be anywhere from 200-400%. This would make sense considering comparable cryptocurrencies such as DOT and LINK have made more upward progress while UNI has lagged behind. The move upward may take a bit of time, anywhere from a couple weeks to two months, unless there is a significant catalyst. These catalysts may be a large upward move from BTC or infrastructure/capability upgrades. Blue lines indicate current channel, red line indicates major overhead resistance, thick red line indicates weekly EMA 20, and lastly fib scale indicates potential take profit areas. Upper blue line can be used for potential take profit areas while lower blue line can potentially be used for stop loss or entry area depending on the moment. Weekly EMA 20 to act as major support for current pattern.
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If you have any questions feel free to comment. If you like my analysis feel free to follow and like, thanks!
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