Long
QTUMBTC
Updated
I'm torn.
I see so many coins with this near same setup... A large drop below old support and recent retest of that support = turned resistance.
I'm concerned that with so many coins with the same setup, that Bitcoin may be ready for a rise and then everyone sell out of these coins to jump back in to bitcoin.
AND, looking back, I would have, probably, made a similar assessment exactly one month ago - and you can see how ugly that would have been.
But, here goes...
I think - QTUMBTC just bounced off resistance and tested the .382 fib retracement.
This could signal a rise from this point.
Some coins have blasted right past resistance and just kept rising.
This one having a pause and retest of the .382, may be a good sign.
I will be watching a break and retest of the resistance to really show a super positive.
It is already above the MA50, and the MA 10 is near to cross the MA50.
Lots of positives.
As always, depends on the stability and direction of BTC.
Remember to look around, lots of other coins with similar setups.
IMO
I see so many coins with this near same setup... A large drop below old support and recent retest of that support = turned resistance.
I'm concerned that with so many coins with the same setup, that Bitcoin may be ready for a rise and then everyone sell out of these coins to jump back in to bitcoin.
AND, looking back, I would have, probably, made a similar assessment exactly one month ago - and you can see how ugly that would have been.
But, here goes...
I think - QTUMBTC just bounced off resistance and tested the .382 fib retracement.
This could signal a rise from this point.
Some coins have blasted right past resistance and just kept rising.
This one having a pause and retest of the .382, may be a good sign.
I will be watching a break and retest of the resistance to really show a super positive.
It is already above the MA50, and the MA 10 is near to cross the MA50.
Lots of positives.
As always, depends on the stability and direction of BTC.
Remember to look around, lots of other coins with similar setups.
IMO
Note
Drawdown was 15%.Blasted thru 2 resistance zones on 3rd try. (no retest)
Profit at high was 92%.
17 Days.
I assume a retrace into the 160's, 170's.
But, the way it blasted resistance...Who knows...
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