UC has clearly broken out of the bearish channel that started back in January. While the new bullish channel is rising slowly it does not change the fact that the trend that started in January is now broken. As of July 11th the 20 and 50 ema crossed confirming the uptrend. since then it appears that price is retesting the EMA's as support and they also happen to line up(relatively) closely with a supply and demand zone and minor resistance.
Price has tested this zone 5 times and failed to break it. Price is getting ready to retest this support zone again and if it bounces odds are price will continue upwards.
OPINION: I think that price likely would have continued up to the top of the channel if the spike( noted by bubble) had not happened in 20 minutes and been the result of news. The 170 pip spike likely caused a lot of people who were already long to take profit and close their positions dropping the price again. Had price moved more slowly up then it likely would have continued much further before dropping again.
Price has tested this zone 5 times and failed to break it. Price is getting ready to retest this support zone again and if it bounces odds are price will continue upwards.
OPINION: I think that price likely would have continued up to the top of the channel if the spike( noted by bubble) had not happened in 20 minutes and been the result of news. The 170 pip spike likely caused a lot of people who were already long to take profit and close their positions dropping the price again. Had price moved more slowly up then it likely would have continued much further before dropping again.