Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion UNI fell below $6.381 after BTC’s short-term downward move A break below the $6.10 support level provides a shorting opportunity Uniswap [UNI] fell below $6.381 after Bitcoin [BTC] dropped below $17.32K on 5 December. […]
dropped below $17.32K on 5 December. At press time, UNI was trading at $6.17, and BTC was holding just above $17K support. Thus, any further downward movement in BTC could lead to UNI breaking the bullish order block and the support zone at $6.10.The above break below $6.10 could provide a short opportunity if UNI falls to the 61.8% Fibonacci retracement level . But can the bears sustain the momentum?UNI has been in a correction that could retest or break the current support level of $6.10.
Therefore, UNI can fall to $6.01 if sellers continued to gain leverage. This would be the short-selling target, so traders could pocket the difference if they sell at $6.10 and buy again at $6.01.
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