cryptr0t

UMAUSD - Reversal pattern (Bullish)

Long
COINBASE:UMAUSD   UMA/USD
Started to build a triple bottom pattern more visible on the 1 hour chart. If it breaks through neckline, UMA will start a bullish wave pattern which will re-test the all time high's. What are your thoughts?
Comment: A bit of a divergence was seen while crossing the upper flag line. Should have been no surprise as this is normally expected once there is confirmation of the pattern. Normally we see this consolidation above the neckline but It seems to have formed a cup handle right after it broke the resistance line and it's still consolidating within the third bottom. Expect to see an increase in volume by tomorrow if this is to run course. Nonetheless, this chart looks promising.
Comment: Looking strong for a short squeeze right around the bull flag vertex. Let's see what happens.

Comments

Excellent analysis,thanks a lot
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