UNI's pullback is headed to a crucial confluence area of a bullish order block on H12 and a May support which could make the area key bullish stronghold.
At the time of writing, BTC’s price was $30.18k and has been flashing selling signals in the past few days amidst dissipating ETF-induced hype that saw it grace new highs in Q2/Q3 2023.At the peak of UNI’s rally at the end of June, bulls cooled off, setting UNI to pull back to May support near $4.95. The pullback was marked by a bullish order block of $4.75 – $5.1 , making the May support a bullish stronghold.
A positive price reaction at the bullish zone, especially if BTC doesn’t fall below $30k, could offer a buying opportunity, targeting the recent high of $5.8. However, cautious traders could set $5.5 as the primary target, with both set-ups offering >2 RR . A drop below the bullish zone will invalidate the above bullish thesis. A crack of this zone could expose UNI to further devaluation to $4.5 or $4.0.
Meanwhile, the Relative Strength Index dropped below the neutral level of 50; denoting eased buying pressure. Similarly, the Chaikin Money Flow moved southwards, reinforcing a decline in capital inflows.
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