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UNI → Uniswap Breakout to $16.75! Next Target $30.00!?Uniswap broke out of its nearly two-year trading range and hit resistance at $16.75! Now that Bitcoin and the crypto market have taken a pause, what is Uniswap's next move? How do we trade this? 🤔 We must be cautious with our long bias in the crypto market. Bitcoin is at its all-time high, and the crypto market is burning red hot to the upside; this is not an ideal time to long because we're near critical resistance on both Bitcoin and Uniswap. The best course of action is to wait for a pullback and a sign of another leg up. This is technically the first leg up on the weekly chart and we're a decent distance from the trading range. The RSI is also at 85.00, a significant distance from the Moving Average; this supports a pullback. Wait for at least a 30% pullback toward the nearest minor support line from April 2022. If we get a strong bull bar in that area, there's a long trade to be had that's reasonable. Long near the $11.50 price point setting a stop loss just below the trading range resistance (now support-side) at $6.75. This allows you to take 1:1 Risk/Reward profits below the current resistance at $16.27 where once hit, you can move your stop loss up to the entry price to lock in profits. The second half of your position can be swung to $25.75, beyond the current resistance and just before the next one at $30.00. If the second half of the position doesn't pan out, you already locked in profits with the first half. 💡 Trade Idea 💡 Long Entry: $11.50 🟥 Stop Loss: $6.75 ✅ Take Profit #1: $16.27 ✅ Take Profit #2: $25.75 ⚖️ Risk/Reward Ratio: 1:3 🔑 Key Takeaways 🔑 1. Confirmed breakout at a 130% increase in price. 2. No pullback on the weekly candle and near resistance, wait to long. 3. Look for support at 30% pullback to the $11.50 area, wait for strong bull candle. 4. Take profits at 1:1 Risk/Reward then move stop loss up to entry price. 5. RSI is high at 85.00 and a great distance from the Moving Average, supports a pullback. 💰 Trading Tip 💰 Ascending Wedges signal an increased probability of a bear breakout. Combined with three pushes up in a bull trend and strong sell bars (candles with large wicks on their tops), creates conditions where a counter-trend trade is reasonable. ⚠️ 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 Follow to learn more about: 1. Reading Price Action 2. Chart Analysis 3. Trade Management 4. Trading Psychology
COINBASE:UNIUSDLong
by TraderEngineering
3
UNISWAP → Bull Channel Continues! Price Target of $7.25?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!
COINBASE:UNIUSDLong
by TraderEngineering
Uniswap → Down We Go! A Quick Scalp Opportunity Right Here.Uniswap has produced two strong sell signals and is setting its sights on the bottom of the bull channel and previous high of $5.62. We are still in a bull channel, so our bias should remain long. Should we Long or Short? How do we trade this? There is a quick scalp opportunity here. A scalp sacrifices Risk/Reward for Probability . In this case, we have several factors pointing to a pullback to channel support or the previous high at $5.62. Two pin bar bear signals, an RSI below the Moving Average, and Bitcoin failing to break Weekly Resistance. Your position size should be proportional to your maximum loss amount for your account. Because the trade setup is a 1:1 Risk/Reward Ratio, size your position smaller than it would be if the Risk Reward were 1:2. You want to be able to run this trade 100 times and come out with a profit. If the probability of this trade is over 50% and you risk as much as your potential reward, the result is a positive dollar amount, making this a reasonable trade. Trade Idea Short Entry: $6.15 Stop Loss: $6.61 Take Profit: $5.69 Risk/Reward Ratio: 1:1 Key Takeaways 1. Strong bounce back into the Bull Channel. 2. Strong Sell Signal at Bull Channel Resistance. 3. Second Sell Signal at last Bar. 4. RSI near 50.00 and below Moving Average. 5. Short to $5.70. You are solely responsible for your trades, trade at your own risk! If you found this analysis helpful, click the Boost button and let us know what you think in the comment section below!
COINBASE:UNIUSDShort
by TraderEngineering
Uniswap at Resistance! Is a Drop to $5 Inevitable?Uniswap is up against the previous channel resistance around $5.50 after falling back down to $4.85. The last attempt to break $5.50 ended in a triple top, this may be a last attempt and with a failure, could lead to another pullback to the bottom of the trend. Bitcoin is currently at risk of a pullback as shown in my 4HR and Weekly analysis. Being a leading indicator, it is another data point in our trade decisions. How do we trade this? A short is risky without a sell signal, and a long is risky because we're at resistance. We're also in a bull trend so the probability of profit is less when shorting. Better to wait for more price action before entering a trade. Key Points 1. Bull Channel, our Mode of operation should be "Always in Long" 2. The price is currently at a Previous Resistance Level 3. Bitcoin as a leading indicator, is at resistance 4. A Pullback to $5 is likely 5. Wait for more price action You are solely responsible for your trades, trade at your own risk! Let us know what you think in the comment section below!
COINBASE:UNIUSD
by TraderEngineering