Clear support for UNFI at around 32.55.
It is a 0.618 level that has confluence with previous
S/R levels. It should be a good entry point for a
quick swing trade to the 0.50 (a 7% price difference)
or possibly higher.
UNFI has been respecting 0.618 levels and fib levels
in general very well.
If the trade goes bad then buying at the 0.786 and selling
on a bounce to exit is a logical target. The 0.786 on the
shorter trend exactly matches up with the .382 of the
longer trend, so this will give a sizeable bounce is
price ends up dropping quickly to this level. This could
happen if BTC has any large sudden moves.
If it doesn't hit the buy order on the 0.618 then no
harm in a missed opportunity. But UNFI has been respecting
fib levels so consistently that I feel very confident in this
trade.
It is a 0.618 level that has confluence with previous
S/R levels. It should be a good entry point for a
quick swing trade to the 0.50 (a 7% price difference)
or possibly higher.
UNFI has been respecting 0.618 levels and fib levels
in general very well.
If the trade goes bad then buying at the 0.786 and selling
on a bounce to exit is a logical target. The 0.786 on the
shorter trend exactly matches up with the .382 of the
longer trend, so this will give a sizeable bounce is
price ends up dropping quickly to this level. This could
happen if BTC has any large sudden moves.
If it doesn't hit the buy order on the 0.618 then no
harm in a missed opportunity. But UNFI has been respecting
fib levels so consistently that I feel very confident in this
trade.
Comment:
Currently trying to form bullish candles on the 1hr chart. It is possible to see a reversal not quite at the perfect 0.618 level but instead close to it, which is where it is now. It has dumped consistently since the ATH so some type of (short term) reversal is imminent, this may be time to look for signs of it.
Comment:
The short term price action of UNFI/USD is very closely correlated to BTC/USDT. When BTC goes down or up in small moves it has been dragging UNFI with it, suggesting UNFI is somewhat at the whim of BTC. The original trade still stands as a possibility, in case BTC dumps a bit more and UNFI drops with it.