Ubiq (UBQ)
Market Cap: 460.52M
Circulating Supply: 41.06M UBQ
Max Supply: 0 UBQ
Volume (24h) $87.51K
UBQ/USD = $1.49419
Technical Analysis
UBQ/BTC is trading in the red today and seems under a lot of selling pressure after the last day’s failure to close on or near a dynamic resistance line. Technically, the perspective remains bearish in the short term despite the last day’s minor gains.
A further and a larger drop could be validated soon if the rate will take out a static support. Right now will be better to stay away and to go short only after the bearish scenario will be confirmed.
UBQ/BTC has made a valid breakdown below the uptrend line as the rate has come back to retest it. You can see that the rate has failed to close near the former uptrend line showing a bearish pressure. It has made only a false breakout above the sliding line (sl1) of the descending pitchfork. The rate is trapped between the inside sliding parallel line (sl and the sl1) of the descending pitchfork.
A failure to stay above the median line (ml) of the descending pitchfork will announce a further drop and a potential breakdown below the sliding line (sl) and below the 0.00017750 static support. You can see it from below the mentioned support levels. The next target will be at the downside 50% Fibonacci line (descending dotted line).
Conclusion
The corrective phase will continue if the UBQ/BTC rate will make a valid breakdown below the 0.00017750 static support and below the sliding line (sl). The first target will be at the downside 50% Fibonacci line and the second one at the WL1 of the former major ascending pitchfork. The Stop Loss can be placed above the 0.00022661 Wednesday’s high. You should know that a valid breakout above the upside sliding line (sl1) will signal a bullish opportunity.
