UNI/USDT Bullish Analysis. $8.60 retest?


TL;DR: Potential $8.60 retest coming up after period of consolidation. If broken, price could be heading for $9 – $10 range.

Looking at the 1h chart we had an impulse move from about $5 up to the ATH at ~$8.60. The price has been consolidating for about 21 hours now. Nothing has suggested a trend reversal, which leads me to believe that the next impulsive move will be to the upside.

If we project the previous 50% bull run from the current price, it would put us near $10 which is fair, as we can expect a lot of resistance at that price.

Before getting to the $9 – $10 range, there will be resistance from the ATH at ~$8.60, which could be a good take profit area, as we could see a bounce as trapped traders who bought the top are looking to get out.

This all hinges on the bottom trend line continuing to act as support.