Michael_Wang_Official

Uniswap: An Opportunity for a Breakout

Long
BINANCE:UNIUSDT   UNI / TetherUS
In this analysis, I take a look at Uniswap ( UNI ), and its probability of a breakout, using a technical approach.

This is not investment advice. This is for educational and entertainment purposes only. I am not responsible for the profits or loss generated from your investments. Trade and invest at your own risk.

Analysis
- To begin with, we can see that prices are forming higher lows near the ascending trend line support marked in blue
- The 0.236 Fibonacci retracement support has held
- Prices have consolidated within a inverse head and shoulder pattern, which will serve to be a continuation pattern
- A breakout through the neckline is anticipated, with a target near the 0.786 Fibonacci retracement resistance
- The Relative Strength Index ( RSI ) is at neutral levels, demonstrating strength, and potential for a breakout
- Both the Moving Average Convergence Divergence ( MACD ) and the Wave Trend Oscillator demonstrate increasing momentum and a golden cross

Conclusion
Considering that this particular altcoin is less negatively affected by Bitcoin's bullish movements, and that its technicals demonstrate a 60% upside, I believe that a breakout could be in play.

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If you have any questions or comments, feel free to comment below! :)

Comments

excellent technical setup. appreciate it!
+3 Reply
Michael_Wang_Official ProjectSyndicate
@ProjectSyndicate, Thank you so much! :D
Reply
nice one
+1 Reply
Hey Michael, do you use any programs to find breaktouts? Thanks
+1 Reply
@welf, Hey welf! I do use certain indicators, but most of my breakout setups are based on my technical analysis.
Reply
Wow I'm super upset that I read this late. Nice work, my guy.
Reply
Great call, Michael! Thank you.
Reply
nice bro
Reply
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