Quantstamp VS Bitcoin Next Wave
Quantstamp found the bottom at 925 satoshis on the 29th of June. Then price went up sharply breaking above the 50 Moving Average and the downtrend trendline at the same time.
Price has reached the 1390 satoshis high, where Quantstamp has gained over 50% against the Bitcoin. The corrective wave down followed and price found the support at the downtrend trendline, which has been rejected cleanly.
Considering the recent price action, the next wave is expected to be up, and Quantstamp could be heading towards the 1540 satoshis support, where previously it found the resistance. If that resistance is broken, the next upside target is seen at 2150 satoshis level, that is 61.8% Fibonacci retracement level.
At the same time, the consolidation could be expected to take place, where price will continue ranging between 1000 and 1300 satoshis. And only break and close below the 925 satoshis could invalidate bullish outlook.
Price has reached the 1390 satoshis high, where Quantstamp has gained over 50% against the Bitcoin. The corrective wave down followed and price found the support at the downtrend trendline, which has been rejected cleanly.
Considering the recent price action, the next wave is expected to be up, and Quantstamp could be heading towards the 1540 satoshis support, where previously it found the resistance. If that resistance is broken, the next upside target is seen at 2150 satoshis level, that is 61.8% Fibonacci retracement level.
At the same time, the consolidation could be expected to take place, where price will continue ranging between 1000 and 1300 satoshis. And only break and close below the 925 satoshis could invalidate bullish outlook.
📱 Telegram: t.me/Tradexcel
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.