Technical analysis

    UniSwap – Bulls are trapped in the channel! What next?

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    UniSwap on the 3D chart
    • The bulls are still trapped in this descending parallel channel , so the bears are in full control and the bearish trend is intact!
    • There is a strong possibility of another 67% drop in this particular downtrend before we see a stronger uptrend.
    • According to my Elliott Wave analysis, an impulse wave is still not finished and we are looking for another leg downward.
    • Buy UNISWAP at the bottom of the channel, or 1.8, where I expect a massive bounce! I don’t know if we will reach this level, but if yes, then this is a great buying opportunity!
    • The fundamentals are absolutely terrible right now for the stock market and crypto, and this trend may continue for another years.
    • UniSwap is the most popular decentralized trading protocol, but it looks like the whales want to buy it cheaper.
    • https://www.tradingview.com/chart/UNIUSDT/diyuegXd-UniSwap-Bulls-are-trapped-in-the-channel-What-next/
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    Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.