Uniswap UNI: Descending Channel and What to Expect

aezakmi (58)in #cryptocurrency • 4 years ago

Hello peeps, hope you're all well. I'm back! After a long pause, decided to give Steemit another chance. Happy Holidays!

UNI/USDT Daily Chart

UNI is currently trending in a descending flag pattern and looks like it's about to go even lover. After the beautiful bearish spinning top on Nov. 24 (perfect Fibonacci golden pocket touch), we found some support at the 50 MA and later the 21 and 55 EMAs and revisited the top of the flag. After two rejections, we're back again at the 50 MA and things don't look too good. The falling trading Volume might signal a trend weakness, but we had two MACD rejections at the signal line, with an increasing bearish Histogram. Also, the RSI has broken the 50 level (dotted line), which acted as S/R in the past and is also a descending channel.
If we break the 50 MA, we might go as low as the 0.236 Fib retracement ($2.47) in the next two weeks and I'll be looking to long it around those levels.