CryptoPAMM

Ubiq Coin Approaching Strong Psychological Support

Long
BITTREX:UBQUSD   Ubiq / US Dollar (calculated by TradingView)
Ubiq Coin currently trading at $1.32 and continues to reject the downtrend trendline. The downtrend remains valid, although UBQ /USD has formed a bullish divergence on the RSI oscillator suggesting that the correctional move upwards could be on its' way.

In order for the price to start rising the $1.6 minor resistance must be broken with a daily close above it. When/if that happens Ubiq is likely to move upwards towards one of the Fibonacci resistance levels, either $2 or $2.2, that is 38.2% and 50% Fibonacci levels.

If it continues trading below $1.6 resistance price could drop down further, to test strong physiological support level , which is $1. Rejection of that level should result in a corrective wave upwards, while break below is likely to result in more consolidation.
Trade closed: target reached

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