Putting long on QSP
Updated
Today, I put a long position on QSP/BTC just when alt dropped a bit at around 4 pm (GMT +7). Things to be considered are the significant price spike a couple days earlier which drove the price to the tip of the red triangle. Candles move back and forth in the projected triangle. Using Twiggs money flow indicator, I managed to draw upward trend indicating potential breakout in the future. Position also settled with reference to Belkhayate timing. Ichimoku is used for bull confirmation with other indicator; price candles hovering above the cloud and conversion line crosses slightly over base line meaning I have positive expectation for future price. However, the projection may be compromised due to price being just off the triangle in few recent candles. After all, let's hope for the best!
Timeframe used: 45 mins. Comments are welcome though :)
Timeframe used: 45 mins. Comments are welcome though :)
Comment
There we go! Our QSPBTC candles gained momentum and make its gain in the end of the triangle. Though I suppose that very little gap between confirmation line and base line in Ichimoku confirmed the candles are having a rather weak breakout. Volume bar also says no spike has occured yet, so QSPBTC might not make its strong move yet unless a whale joins us in the future. Well, that is better than no breakout at all, isn't it? Cheers!Comment
We are having a spike right now in most recent candle. I believe this is due to some twitter figure posting his tweet which you can look for yourself. Actually, the QSP/BTC candles is going on a rally right now and I think it is a long run bullish rally. I can not show it here, but you can look the chart at 2 and 4hr timeframe. Therefore, I am still holding it right now. However, in my opinion, sudden spike like now is quite artificlal and will soon or later retract back to its original trend. Based on ichimoku, I am still seeing candles above the green cloud both in 45 mins and 4hr timeframe, which signals good rally trend, I hope.
Cheers!
Comment
I identified an interesting pattern has been emerging in QSP candles (ichimoku is not shown). The bullish rally is of course a choppy one, but the resistance and support level is almost observable. Using 4hr timeframe, a price spike may result in resistance level for another price spike in the next period. If that candle eventually grows beyond the resistance, it become the new support level. Both resistance and support are shown by blue horizontal line.
Well, it is not surprising, but knowing the fact that we now can estimate the support and resistance level, we may be confident in trading with this coin.
Trade closed manually
After short term bullish rally, I decided to close trade in QSP due to stagnant volume as indicated by yellow flat line TMF. Although the RSX (modified RSI) and Ichimoku shows potential bull trend for some time in the future, I choose a better momentum to enter it again, but not right now.
Opened at 2066 satoshi, closed at 2345 satoshi. 11,90% profit
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