Quarkchain (QKC) Looking Bullish But Overextended
Updated
- 20 Day crossed the 50th Day in a convincing bullish manner on September 20th.
- The price broke above 100 Day MA on October 4th with T.D. Sequential on a 9, hinting at a pullback.
- Daily RSI is attempting to breach 70 (overbought territory) and is therefore discovering resistance from sellers.
- ICO Price shown in green dotted line at $0.0197. The price has risen 200%+ from August 14th lows of $0.018.
- Current returns since ICO: 2.79x USD, 7.64x ETH, 3.26x BTC
Comment
Price broke out of the two-long long channel after testing precisely the top of the shorter 1-month channel. The price now needs to find support on the broken out channel (around $0.56), in order to continue upwards in the steeper channel.RSI now in oversold territory.
Comment
The anticipated $0.56 support held like clockwork, now the price has continued in the steeper channel for the past week. Could of gone long!RSI has re-entered overbought conditions, but there appears to be a clear path towards $0.10 now that the resistance "zone" between $0.56-$0.66 has been dealt with.
TD Sequential hasn't refreshed yet, which is a concern, but otherwise the weekly candles are looking strong.
The price is above all existing Daily MAs as well as the 20 Week MA that appeared yesterday at $0.0648, although the latter may now act as resistance.
Immediate support lies a $0.58-$0.60, below this the price can fall to the broken out channel support tend line of $0.35.
Anyone with a position should consider stops around last weeks low of $0.53 to avoid the price correcting by 30%+.
One of the strongest looking altcoins by price strength at at the moment, current up 250%+ from it's August lows.
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