UNI/USDT Short Position

This chart illustrates a short position on UNI/USDT following a potential bearish breakout from an ascending wedge pattern. The price action has been respecting the upper and lower trendlines, forming higher highs and higher lows. However, the breakdown below the lower support trendline signals a reversal.

Key Levels
- Entry Price: Near 13.90 (just below the breakdown point)
- Stop Loss: Around 14.27 (above the wedge resistance)
- Take Profit Target: 12.12 (aligned with key support levels and pattern height projection)

Technical Insights
Rising Wedge Pattern: Typically bearish, indicating weakening bullish momentum before a potential decline.
Bearish Confirmation: The strong bearish candlestick closing below the wedge support adds confidence to the short setup.
Risk-to-Reward Ratio : This trade offers a favorable R:R, approximately 1:2.5, making it an attractive short opportunity.

Watch for additional confirmations like increasing volume on the breakdown or retests of the former support turned resistance to add confluence.