The UNFI/USDT Long Trade Setup chart shows a falling wedge !
The price is currently trading within a falling wedge, which is often seen as a signal for a bullish reversal.
A breakout above the wedge could signal an upward move, targeting higher resistance levels, as marked by the green box.
The chart shows the price bouncing off the lower trendline of the wedge (acting as support), with the upper trendline of the wedge acting as resistance.
The green box on the right side of the chart indicates potential profit-taking levels following the breakout.
If UNFI breaks above the wedge, the potential target is in the range of $14 to $16, as indicated by the upper part of the green box. This provides an adequate reward-to-risk ratio for long traders.
The stop-loss zone is located below the support level, around $2.00, indicating where traders can cut losses if the price moves against the setup.
This setup suggests a potential bullish breakout for UNFI/USDT. However, it is important to keep an eye on a decisive breakout above the wedge to confirm the bullish trend, while managing risk via stop-losses below key support. Would you like any additional details or adjustments to this analysis?
Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.
You can DM us for information on any other altcoin.
@Peter_CSAdmin
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.