Uniswap is likely to weaken toward its nearest support level

[Ben Graham]

[Uniswap]

With both of EMAs forming a Death Cross and the RSI in the Neutral-Bearish level, Uniswap has the potential to decline today.

Key Levels

1. Resistance. 2 : 6.324

2. Resistance. 1 : 6.070

3. Pivot : 5.858

4. Support. 1 : 5.604

5. Support. 2 : 5.392

Tactical Scenario:

Pressure Zone: If the price of Uniswap breaks down below 5.604, it may have the opportunity to test the level at 5.392.

Momentum Extension Bias: If 5.392 is broken, Uniswap could decline toward 5.138.

Invalidation Level / Bias Revision:

The downside bias is restrained if the price of Uniswap weakens and falls below 6.324.

Technical Summary:

EMA(50) : 5.836

EMA(200): 5.862

RSI(14) : 36.72

Economic News Release Agenda:

Tonight from the U.S. market, there will only be one economic data release which is Unemployment Claims on 20:30 WIB.

The material has been provided by InstaForex Company - www.instaforex.com