Market Analysis and UNI Coin Technical Analysis
🔍The market has not yet made the sharp move we expect in the coming days, but I recommend keeping a close eye on the chart. The volume is very low, and the market could start its upward move in the next few days.
📆Coin of the Day: UNI (Uniswap)
About the Project
Uniswap is a decentralized exchange (DEX) project that allows users to trade cryptocurrencies in a decentralized environment without the need for identity verification. Additionally, because it is a decentralized exchange, anyone can become a liquidity provider and earn fees from the trades conducted on the platform.
🧩Technical Analysis
4-Hour Timeframe
After the previous analysis, where I mentioned that breaking 8.226 could lead us to the target of 10.521, we saw this happen as the price not only reached but surpassed this target, hitting a peak of 11.733. Currently, the market is in a correction phase, and we have retraced to the 0.382 Fibonacci level. Given the increasing volume of red candles, we might expect further correction to the 0.618 Fibonacci level, which overlaps with 9.806 and could even reach 9.028.
📊Volume Analysis
The volume of red candles is increasing, indicating a strong bearish correction phase. If the correction continues, it could reach the 0.618 Fibonacci level or even 9.028.
📈Trading Positions
Long Position
Entry Trigger: Break above 11.733
Target: 13.338
Confirmation: A break above 54.02 on the RSI could confirm the entry of bullish momentum into the market.
Short Position
Entry Trigger: Break below 9.028
Target: Short-term targets can be determined based on lower timeframe analysis.
Confirmation: A break below 40.35 on the RSI could confirm the entry of bearish momentum into the market.
For scalping, a short position can be opened on the current red candle, but it is recommended to move to lower timeframes for better precision.
🔑Key Levels
Support: 9.028, 9.806 (0.618 Fibonacci level)
Resistance: 11.733, 13.338
Main Trigger for Short: 6.768 (although it is currently far from the price, it is important to note for future analysis)
📝UNI is currently in a correction phase after a significant upward movement. Traders should watch key support and resistance levels and use volume and RSI indicators to confirm entries. Long positions should be considered above 11.733, while short positions should be approached with caution, potentially entering below 9.028 for a safer setup. Always keep an eye on market volume and RSI for confirmation of the trade direction.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2.
🫶If you enjoyed this analysis and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
📆Coin of the Day: UNI (Uniswap)
About the Project
Uniswap is a decentralized exchange (DEX) project that allows users to trade cryptocurrencies in a decentralized environment without the need for identity verification. Additionally, because it is a decentralized exchange, anyone can become a liquidity provider and earn fees from the trades conducted on the platform.
🧩Technical Analysis
4-Hour Timeframe
After the previous analysis, where I mentioned that breaking 8.226 could lead us to the target of 10.521, we saw this happen as the price not only reached but surpassed this target, hitting a peak of 11.733. Currently, the market is in a correction phase, and we have retraced to the 0.382 Fibonacci level. Given the increasing volume of red candles, we might expect further correction to the 0.618 Fibonacci level, which overlaps with 9.806 and could even reach 9.028.
📊Volume Analysis
The volume of red candles is increasing, indicating a strong bearish correction phase. If the correction continues, it could reach the 0.618 Fibonacci level or even 9.028.
📈Trading Positions
Long Position
Entry Trigger: Break above 11.733
Target: 13.338
Confirmation: A break above 54.02 on the RSI could confirm the entry of bullish momentum into the market.
Short Position
Entry Trigger: Break below 9.028
Target: Short-term targets can be determined based on lower timeframe analysis.
Confirmation: A break below 40.35 on the RSI could confirm the entry of bearish momentum into the market.
For scalping, a short position can be opened on the current red candle, but it is recommended to move to lower timeframes for better precision.
🔑Key Levels
Support: 9.028, 9.806 (0.618 Fibonacci level)
Resistance: 11.733, 13.338
Main Trigger for Short: 6.768 (although it is currently far from the price, it is important to note for future analysis)
📝UNI is currently in a correction phase after a significant upward movement. Traders should watch key support and resistance levels and use volume and RSI indicators to confirm entries. Long positions should be considered above 11.733, while short positions should be approached with caution, potentially entering below 9.028 for a safer setup. Always keep an eye on market volume and RSI for confirmation of the trade direction.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2.
🫶If you enjoyed this analysis and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
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.