9.50 drops by 6%. $UNI saw that the 30% big bullish candle on 9/18 gave back half of its gains. Volume has already shrunk below the daily average— the leading coins have already “burned out,” but the shouts for the altcoin season are still hanging on the trending charts.
――― Direction: A pullback on shrinking volume doesn’t count as a bearish sign. As long as 8.51 isn’t broken, keep looking for 9.31; if it breaks, get out.
The move that pushed price to 9.5 was on heavy volume. In the most recent six 1h candles that have closed, volume is only 50% to 90% of the daily average. My read is: the money that chased in hasn’t left—there just isn’t new money stepping in as follow-through.
The key difference is the direction of the next candle with expanding volume. If it holds above 9.31 (this week’s pullback box’s upper boundary), the trend continues. The target is around the previous high near 9.50— that’s the real level that decides whether this round is only a rebound or turns into a reversal. On the other hand, if 8.51 fails and is lost, the pullback becomes distribution. I’ll cut the observation level immediately; for the downside, I’m first watching 8.30.
I’ve set alerts at two price points—9.31 and 8.51. Whoever gets hit first, that’s what we’ll go with.
#UNI #altcoin season
――― Direction: A pullback on shrinking volume doesn’t count as a bearish sign. As long as 8.51 isn’t broken, keep looking for 9.31; if it breaks, get out.
The move that pushed price to 9.5 was on heavy volume. In the most recent six 1h candles that have closed, volume is only 50% to 90% of the daily average. My read is: the money that chased in hasn’t left—there just isn’t new money stepping in as follow-through.
The key difference is the direction of the next candle with expanding volume. If it holds above 9.31 (this week’s pullback box’s upper boundary), the trend continues. The target is around the previous high near 9.50— that’s the real level that decides whether this round is only a rebound or turns into a reversal. On the other hand, if 8.51 fails and is lost, the pullback becomes distribution. I’ll cut the observation level immediately; for the downside, I’m first watching 8.30.
I’ve set alerts at two price points—9.31 and 8.51. Whoever gets hit first, that’s what we’ll go with.
#UNI #altcoin season
