UMA (UMAUSD) Is Set for a Breakout
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UMAUSD Analysis – UMAUSD Market Is Set for a Breakout Towards $1.860
UMAUSD is set for a breakout towards $1.860. The market is currently under the control of the bears. The demand zones have continued to fail as the supply zones have been holding the market. The bearish impulse towards the downside is prominent on UMAUSD.
UMAUSD Major Zones
Supply Zones: $4.110, $3.460
Demand Zones: $2.440, $1.860
UMAUSD is set for a breakout on the daily timeframe. The market levels until it reached the $2.440 demand level. The market is currently in a downward trend. A head and shoulders bearish reversal pattern formed from the 16th of May till the 1st of June. The head of the reversal pattern rallied and shot up to $4.110. The reversal pattern was set for a breakout below $2.440. On the 22nd of May, the bearish order block at the $4.110 supply level was tested. This led to a sell-off to the support zone at $1.860.
The major low at $2.440 was swept on the 13th of June. The bearish breakout was followed by a large bullish engulfing candle on the 14th of June. The bullish candle engulfed all the candles from the $3.460 supply level, and the bullish spike rose to test the neckline of the head and shoulders pattern. The bullish candle rose to the premium of the range at 78.6%. The Moving Averages (periods nine and twenty-one) have continued to cross sideways to show the consolidation after the bullish spike. 
Market Expectation
UMAUSD market has formed a symmetrical triangle. The lower highs and the higher lows have narrowed down the support to a point. UMAUSD is set for a breakout of the symmetrical triangle. The market is expected to dive towards a $1.860 low on the bearish trend.
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