Uni Fake Breakout of trend line ! Be aware !
UNI has been trading in a clear uptrend on the 4h timeframe. The price has been respecting the ascending trendline and making higher lows. However, the price is now approaching a strong resistance level at $13.
The ascending trendline:
The ascending trendline is a bullish pattern that is characterized by two converging trendlines, one connecting lower highs and the other connecting higher lows. The price typically breaks out above the upper trendline, signaling a continuation of the uptrend.
The resistance level:
The resistance level is a price level at which the price is likely to stop rising and start falling. This is because there are a large number of sell orders at this level.
The fakeout:
The fakeout is a bearish pattern that is characterized by a sharp increase in price, followed by a quick reversal and fall. This pattern is often used by large market participants to trap retail traders and acquire liquidity at higher prices.
The bullish scenario:
The price breaks out above the resistance level at $13 and continues to rise. The first bullish target is $20.
The bearish scenario:
The price fails to break out above the resistance level at $13 and falls back to the trendline. The price then retests the trendline and breaks down below it, signaling a reversal of the uptrend.
Conclusion:
The UNI chart shows a bullish pattern. The price is approaching a strong resistance level. The outcome of this level will determine the future direction of the price. Investors should always do their own research before investing in any cryptocurrency.
The ascending trendline:
The ascending trendline is a bullish pattern that is characterized by two converging trendlines, one connecting lower highs and the other connecting higher lows. The price typically breaks out above the upper trendline, signaling a continuation of the uptrend.
The resistance level:
The resistance level is a price level at which the price is likely to stop rising and start falling. This is because there are a large number of sell orders at this level.
The fakeout:
The fakeout is a bearish pattern that is characterized by a sharp increase in price, followed by a quick reversal and fall. This pattern is often used by large market participants to trap retail traders and acquire liquidity at higher prices.
The bullish scenario:
The price breaks out above the resistance level at $13 and continues to rise. The first bullish target is $20.
The bearish scenario:
The price fails to break out above the resistance level at $13 and falls back to the trendline. The price then retests the trendline and breaks down below it, signaling a reversal of the uptrend.
Conclusion:
The UNI chart shows a bullish pattern. The price is approaching a strong resistance level. The outcome of this level will determine the future direction of the price. Investors should always do their own research before investing in any cryptocurrency.
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