UMXWETH update, trend change
UMXWETH has made a trend reversal since my last analysis. Breaking the lower trend line of the upward channel (yellow) and testing the 0.618 FIB level of the ATL to the new ATH. The RSI has broken through a crucial resistance/support on the 1 Day chart at ~51. This support level has now been turned to resistance, signalling a bearish cycle. I see a possibility of retesting the support at FIB level 0.5. Movement down to this level would be a very large consolidation and I would expect it to be followed by a strong reversal to the upside to define a new trend pattern.
Despite the consolidation, I expect April to be a bullish month for Unimex. Lots of new trading pairs are being announced in the coming weeks. The GUI has been scheduled an update along with a lot of money being pushed into the marketing of the project. I'm still holding my UMX and staking it through the GUI. This downtrend only shows a good opportunity to buy more UMX at a very good price.
Despite the consolidation, I expect April to be a bullish month for Unimex. Lots of new trading pairs are being announced in the coming weeks. The GUI has been scheduled an update along with a lot of money being pushed into the marketing of the project. I'm still holding my UMX and staking it through the GUI. This downtrend only shows a good opportunity to buy more UMX at a very good price.
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