QTUM - Ascending triangle

QTUM has entered an ascending triangle formation, with a horizontal roof right on the 235 SMA. This formation is usually a continuation signal of a bullish trend, however the moving averages don't look ready, especially with resistance being on the 235. If the triangle supports another bounce, then a buy order could be set at the breakout at ~0.0029, with a stop at ~0.00274, for a 20% target below previous resistance at ~0.00348. However, if it does break then caution should be taken on the fundamental side - since China is likely to announce new cryptocurrency regulations next week, which could be likely to interrupt this breakout run.

Note

Triangle has been broken, longer term we are still out of a descending wedge. Could see a bounce on the 77 SMA after the mainnet token swap

Note

QTUM is now holding in a larger ascending triangle, previously advised long position should be enacted if upper resistance at the 235 SMA is broken.

Note

Break of secondary triangle, looking for bounce on 77 SMA

Az_am_I

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