UMA | Reading Charts, Bearish Vs Bullish, The News, CPI & More

1 Okt

Uma is breaking up as Bitcoin is breaking down... But we have two very different charts.

I am going to mention one last time the difference between a high price and a low price; a bullish chart and a bearish chart and we will switch the focus again to individual pairs.

➖ UMAUSDT entered a major correction in January 2024 and in August, it hit as low as the same level at which it traded back in November 2023.

➖ In Comparison, BTCUSDT entered a correction in March 2024 and so far trades at the same level it traded back in March 2024.

While UMAUSDT likely hit bottom, BTCUSDT has plenty of room to move lower.
Since Bitcoin is bigger, it can take longer to move.

Not all pairs, not all projects, not all cryptos move the same day at the same time, nor in the exact same way. While some go down, others can go up. While some go sideways, others can go down. While some are in consolidation, others can move ahead and grow. While the entire market is bearish some go bullish. While the entire market is bullish some go bearish; there are always strong variations, and this is without counting the BTC, ETH, or other sides of the market.

For us to produce a high level of success, we need to focus on the actual chart we want to trade. If we are bullish, we need to catch a bottom, low prices, near support. If we are bearish, we need to catch a new All-Time High, high prices or resistance, that's how it works.

➖ UMAUSDT is moving up because it completed its correction. It went down for almost 8 months. It is likely to produce a mild bullish wave followed by a higher low and then additional growth. The mild wave correction can also lead to a lower low and then massive growth (2025 bull-market). The patterns can always vary but this is not important for our trades. For our trades, we just pick the winning ones and that's all that matters.

➢ If you are buying spot, it must be low prices and ready to grow.
➢ If you are going LONG, it must be bullish and ready to grow.
➢ If you are going SHORT, it must be bearish and ready to drop.

Making generalizations or trying to predict how everything is supposed to move based on assumptions is not the right way.

Here I will show you some bearish charts and some bullish charts, the market takes care of the rest.

If it works, great.
If if doesn't work, great.

It doesn't matter what the news or the CPI says.
➢ When prices are high with bearish signals, we are bearish.
➢ When prices are low with bullish signals, we are bullish.

Namaste.