A forced sale is the worst reason for a bounce — and the best test of one.
$UNI took both sides of that test in two candles. On October 29, one 4-hour candle hit $6.25 and closed at $6.47, on 7.8 million UNI — nearly nine times the recent average. Trackers reported the Binance attacker selling 7.02 million UNI for about $39.6 million in ether. The next candle dipped to $6.26, then closed at $6.73, on another 4.3 million UNI. The floor held twice: the selling was absorbed, not ignored.
This morning's thesis: Standard Chartered's Geoffrey Kendrick argues the breach should push trading share toward decentralized exchanges, with Uniswap a likely beneficiary — while warning investors to wait. Even this DEX-shift argument does not call a bottom yet.
Support is $6.26, the twice-tested low. Resistance is $7.18, where the selling started. A 4-hour close under $6.26 and I drop the absorption read entirely.
Does a forced sale change how you read a rebound, or is the tape the tape no matter who sold?
Not financial advice. Do your own research.
$UNI #Uniswap #DEX #DeFi #CryptoTrading
$UNI took both sides of that test in two candles. On October 29, one 4-hour candle hit $6.25 and closed at $6.47, on 7.8 million UNI — nearly nine times the recent average. Trackers reported the Binance attacker selling 7.02 million UNI for about $39.6 million in ether. The next candle dipped to $6.26, then closed at $6.73, on another 4.3 million UNI. The floor held twice: the selling was absorbed, not ignored.
This morning's thesis: Standard Chartered's Geoffrey Kendrick argues the breach should push trading share toward decentralized exchanges, with Uniswap a likely beneficiary — while warning investors to wait. Even this DEX-shift argument does not call a bottom yet.
Support is $6.26, the twice-tested low. Resistance is $7.18, where the selling started. A 4-hour close under $6.26 and I drop the absorption read entirely.
Does a forced sale change how you read a rebound, or is the tape the tape no matter who sold?
Not financial advice. Do your own research.
$UNI #Uniswap #DEX #DeFi #CryptoTrading
