- 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.
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.