UMA bottomed

I had great expectations for UMA when entered it and saying it disappointed so far it's the least but after all the entire market went down and probably it was my fault, now instead everything bottomed and UMA makes no exception.

Price action isn't encouraging and has been flirting with 1 Fib line but VLPR at daily timeframe shows UMA has been heavily bought close to that zone (I'll post the screenshot in the comments). At weekly timeframe we can clearly see an asymmetrical triangle which in this case is a bullish pattern, however even if UMA should fail to pump a thing is certain: from here the chances it pumps are far more than the chances it dumps. Check the risk/reward ratio on the screen and take in account I didn't even thought that UMA will reach the ATH in this analisys because I'm being cautious.

Check the comments for the daily timeframe, I'll add some fresh comments there.

Good luck

P.S.
can't rain forever!

Bình luận:

Here you can see how UMA was heavily bought on current price level since 10th of November:

Here you can see how bollinger bands are squeezing, meaning that a move is to be expected:

UMA will move, my problem is that it has to keep up the hype not to become a P&D.

P.S.
at 1h timeframe price is over ichimoku cloud