UTK Analysis
Updated
UTK is experiencing a downward price movement after being rejected at the monthly level. It the downward movement subsides at the next monthly level and accumulation occurs, then a possible movement upwards may occur to the monthly level that it was previously rejected at. Since, we are approaching the end of the month, please me mindful of a new monthly level being established, therefore, the movement upwards could break the monthly level and go further to test the weekly level (the yellow line above the monthly) <-- then this would be your sell target. However, the same could apply to a price movement downward, so be weary of a falling knife.
Additionally, please note that this is a weekly move. It is displayed on the daily chart, since the candles show a clear picture of the price movements.
Additionally, please note that this is a weekly move. It is displayed on the daily chart, since the candles show a clear picture of the price movements.
Note
Keep an eye on the wedge as well. If it is broken, then the accumulation phase can begin there followed by a upward price movement to again test the monthly level at 927 sats.
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