Uniswap is in the downtrend on the Daily timeframe. The market is in the correction wave now. A pullback selling opportunity will appear after the bearish candle on the Daily timeframe is closed.
The main target for the bearish movement is the support level formed on August 27 – 29. Its borders are $5.68 – $5.74.
Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of August 20 – 22.
When breaking through the resistance, the trend will reverse and we should look for buying opportunities. In this case the target will be around the resistance level with the borders of $9.25 – $9.62.
The main target for the bearish movement is the support level formed on August 27 – 29. Its borders are $5.68 – $5.74.
Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of August 20 – 22.
When breaking through the resistance, the trend will reverse and we should look for buying opportunities. In this case the target will be around the resistance level with the borders of $9.25 – $9.62.