UMAUSDT.P trade ideas
never ending wedge is about to endI can assure if you're bored waiting for this shit to exit from the falling wedge, I'M MORE! Today it's been 13 days I'm into this, all because I forgot to check fibonacci retracement before entering. Anyway, the project is good and I'm still convinced that this can do 45$, 60$ and eventually 100$. The company have been collecting prize and special mentions, they just lack of good marketing!
But let's get back to TA:
currently BTC's pumps is draining many coins/tokens in my watchlist and, off course, this drain is affecting much more DeFi and DEX tokens. Thanks BTC, you MOFO! Anyway I hope it'll stop overnight, meanwhile I think that there are two options:
-realistic option: we hit the lower level again, hopefully for the last time. At this rate I think within 2 days we should bounce back to the upper resistance and break out. If this doesn't happen it means this pattern will change again as it did previously. Price into falling wedges can reach the apex without invalidate the pattern (differently from triangles) but if this happes means a very slow bounce back or a bearish situation;
-optimistic option: as soon as BTC stop messing DeFis UMA gains volume and, since has been testing the wedge resistance all the afternoon, breaks out. I don't think this will happen though
so have patiente for 2 days and we'll see!
UMAUSDT (UMA) - POTENTIAL BUY ENTRY ANALYSIS 🔎
- UMAUSDT is printing a falling wedge pattern.
- This is reversal pattern.
- A bullish pattern to be precise.
- Price action is printing the double bottom pattern.
- This is also a bullish reversal pattern.
- RSI is printing a bullish divergence signal.
- Price is testing the falling wedge's resistance and double bottom neckline resistance.
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the falling wedge's resistance and the double bottom neckline resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
SETUP INVALIDATION ❌
- Breakdown below the double bottom horizontal support level (S1).
UMA changed its pattern againLast night BTC dumped dragging the market with it, UMA included. This changed the chart pattern into a big bull flag. Yesterday I had checked UMABTC pattern which is less important than the stable coin pair and it was already in a bull flag, so now they both pairs have the same pattern.
Now there are 2 possiible ways out:
1) volume spikes bringing new liquidity and the price will do something similar to the green pattern I've drawn;
2) price will keep retracing but, according with TA rules, usually bull flags end retracement around 0.5 Fib level which shoul be the area of the bounce back attracting new liquidity because of the proximity to the break of the pattern (yellow line),
By default I'm never optimistic, I try to be realistic with a tendency to pessimism, so I'm expecting option 2 with a bounce which can be around 0.5 Fib, not necessarily exactly on the line.
A thing is certain though, I expect a break out within 3-4 days. If, like me, you're in from more than a week keep up and don't sell before this thing touches AT LEAST 45, but keep in mind that it has the potential to go much more. Let's squeeze the maximum profit out of this fucker, it's the least it can do after so much patience!
P.S.
green dashed line within the flag is a resistance I had identified days ago and, currently, coincide with 50 EMA line at this timeframe and 200 EMA at 1h timeframe
UMA update: Consolidating in range, potential to break downUMA continues to consolidate in this range in very low volume. It could range like this for several days.
NOTE: the overall altcoin market condition right now (Sunday, 2.14.21) is in CORRECTION. Very few alts are pumping today. We just had a major week of huge altcoin pumps, this correction is normal and expected, but there's no telling if it will continue to sell off into monday and onwards, of there will be a strong bounce back soon.
Best course of action: follow your coins on your watchlist carefully, and look for good entry conditions.
UMA right now looks good consolidating in a very low volume range. But the price swings can be huge. See that there is a potential 20%+ drop to lower support, so if you enter now, be prepared for 20% drops. It's possible to set buy bids in the 24.9 area which is the lowest support zone in this range.
I would not enter UMA now unless you have a very long fundamental bullish opinion.
Uma pulling back for a slingshot move upUMA is pushing into this nice ascending triangle, as long as Bitcoin stays stable we should see a good move back up to test 40 the previous ATH and then a retest of the fib levels of .786 or the .618, before we look to test the next stop at 55.
UMA USDTUMA Look ready for another RUN
Support 27 - 25
TP at Green Line
SL : If Close under 25 ( if you want yu can close if closing under 27 )
GOod Luck and DWYOR
UMA LONG, pumping out of support into right side of baseUMA potentially entering a pump out of the support area, with a 40% runway to previous ATH. First profit target is previous high of 44.12.
Potential profit taking targets of 20% on the way to 40%. Resistance expected at ATH. Potential add on if confident to add after breakout from ATH
Crypto 2021 Strategy notes:
I enter trades in 5 and 10% positions (of total trading portolio). If possible I look to add to succesful positions to a max of 25% total of portfolio.
For this cryptocurrency 2021 bull market, my profit taking targets are around 40-50%, in quarters, thirds or sometimes halfs. I look for 80-100% gains for further profit taking.
Depending on the coin and cycle of its pumps, I hold some of my position through 100-200-300% returns on the lucky ones, taking profits on the way up. ($LUNA, $ADA)
UMA/USDT Potential parabolic moveUMA/USDT is forming a very similar pattern to what IOST/USDT pair formed before a strong Bullish move. This pattern offers a good risk to reward ratio since the invalidation of the idea is right below the swing low.
Falling to form a Lower Low multiple times indicates strength in the market.
Here is a snapshot of IOST/USDT:
Hope everyone is making good money.
Cheers :D
is it finally time?I've noticed that lately many coins/token which should break out and pump usually breakout, then create an orizzontal channel (here you can see it as green dashed lines) and after about a week start to go up. It happened with XLM, with IOST and now I think it's happening here. If we go over 34$ the pump is assured and should go up more than my target, what we need now is a bit more volume. Share this TA to speed up the process!
UMA/USDT trend reversal ANALYSIS 🔎
- UMAUSDT was printing a falling wedge pattern.
- This is a bullish reversal pattern.
- Price brokeout above the falling wedge's resistance.
- Price retraced and tested the 0.618 fibonacci retracement level.
- Price action is currently printing an ascending triangle pattern.
- This is a bullish build up pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Aggressive (risky): current market price (now).
- Conservative: breakout above the ascending triangle's horizontal resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
SETUP INVALIDATION ❌
- Breakdown below the ascending triangle's inclined support.
UMAUSDT (UMA) - POTENTIAL BUY ENTRY ANALYSIS 🔎
- UMAUSDT was printing a falling wedge pattern.
- This is a bullish reversal pattern.
- Price brokeout above the falling wedge's resistance.
- Price retraced and tested the 0.618 fibonacci retracement level.
- Price action is currently printing an ascending triangle pattern.
- This is a bullish build up pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Aggressive (risky): current market price (now).
- Conservative: breakout above the ascending triangle's horizontal resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
SETUP INVALIDATION ❌
- Breakdown below the ascending triangle's inclined support.
Uma price prediction for today 10/2/2021UMAUSDT on binance will go below $24 to $23 and thats the perfect time to jump in for a long position
