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UMA / TetherUS

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UMAUSDT trade ideas

UMA to retest EMA 200Volume is low but price is extremely squeezed so I sudden move is to be expected. MACD appears to be approaching signal line, this could be a shift of the momentum. We saw UMA testing EMA 200 and failing once, a second test could be on the way. Price it's also close to falling wedge border, we could see a break out soon if volume rise up. I suggest entering and having a tight stop loss because BTC is closing daily candlestick as an inverted hammer so market could go down.
Long
by Shotokhan
1
UMA getting rejected on a resistanceThis is the bigger picture for UMA which honestly has been digging and digging until making a all time low pissing me off royally. However, as you can see, it's inside a huge descending wedge which should pump once will broke out. The question is: when? UMA disappointed me a lot and its price performances proved not to keep up with its fundamentals which instead are very solid. I think BTC is getting rejected as well on a resistance right now meaning that the good pump UMA has had today might easily fade off taking the price down again. If we go again below 5 USDT it'll be worth accumulating a bit just in case of such pumps, same reasoning if instead price turn current resistance into a support. Please keep in mind that right now I consider UMA a dangerous investment which can brings back high return quickly should it repeats its previous price action (February 2021), so if you buy it be aware things can go bad. Good luck
by Shotokhan
10
UMA bottomed I had great expectations for UMA when entered it and saying it disappointed so far it's the least but after all the entire market went down and probably it was my fault, now instead everything bottomed and UMA makes no exception. Price action isn't encouraging and has been flirting with 1 Fib line but VLPR at daily timeframe shows UMA has been heavily bought close to that zone (I'll post the screenshot in the comments). At weekly timeframe we can clearly see an asymmetrical triangle which in this case is a bullish pattern, however even if UMA should fail to pump a thing is certain: from here the chances it pumps are far more than the chances it dumps. Check the risk/reward ratio on the screen and take in account I didn't even thought that UMA will reach the ATH in this analisys because I'm being cautious. Check the comments for the daily timeframe, I'll add some fresh comments there. Good luck P.S. can't rain forever!
Long
by Shotokhan