Here we're examining some possible long term patterns on the weekly chart for UBT on the USD pair. I have held a bag of this for years, and use it to provide liquidity for the ETH pair on DEXes making a great return.
In October, Unibright broke under a support line that had been intact since early 2020, that's the center line of the range on the chart. Not an ideal development for bulls, but admittedly it was a very steep ascent since late 2019.
There is a huge downtrending arc forming with a few touches on the way up, illustrating the fast uptrend, slowdown, and more recently sideways chop.
There is the possibility of a smaller uptrending arc, which looks to be finding its bottom but that is still unconfirmed.
There is also the positive news of still maintaining higher highs and lower lows since 2019. Until we break under the previous low, there is still every chance that general uptrend continues.
Overall, I'm neutral to slightly bullish on this. Holding my bag for now, waiting for the market to give more information on the long-term direction. As the fundamentals are still intact, the price action will likely depend on overall market movements, with the possibility of news causing a breakout in either direction.
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Looks like the downward arc played out in a steep and steady down channel/triangle. I’ve held my bag for this whole arc formation. My question is can you do an update please?