Hello Traders,
Please feel free to like my idea or even comment :)
- UNI broke above the local resistance at 6.10$ which completed a bullish inverse head and shoulders pattern. The bears tried to push the price back below the breakout level and they succeed pushing the price below again
suggesting that we were into a bull trap. Price fell towards EMA20 of 5.39$ yet price action bounced back with strength ( aggressive buying ) respecting as well our trendline support. Buyers should take the price above 6.10$ in order to
pick the momentum and reach the nearest resistance level on 6.80$
- If price got weakened and fall below EMA20 and EMA50 it suggests that buyers couldnt bring up the momentum and they are losing control, failing to make a new higher low also by breaking the trendline support, price could fall again
towards support level of 4.00$ - 4.50$
Good Luck Traders
Trade closed: target reached