QTUMBTC: Three crucial info to keep in mind
The price action for QTUM (QTUMBTC) as shown in this analysis is from December 18, 2017 till present date. Commentary is provided below based on the annotations that are numbered on the chart.
(1) ~0.002918 and 0.00243 is anticipated to provide resistance on a breakout to the upside of the falling wedge (diagonal). ~0.00276 (green dotted line) indicates a price level where QTUM previously found support.
This gave way to more bearish action on February 20, 2018. Based on the principle that previous support can become resistance and vice versa, further evidence is provided that QTUM might encounter a wall of sellers between 0.002918 and 0.00243 as ~0.00276 is within the region of resistance mentioned above.
(2) A falling diagonal (wedge) pattern established since May 11, 2018. This pattern is bullish (albeit not 100% of the time) and any breakout to the upside should be expected to return back to the origin of the wedge which is ~0.00217. This is not too far away from resistance i.e. (1) above.
Establishing a long (buy) position as soon as QTUM breaks to the upside of the wedge is less conservative than waiting on a breakout above the wedge and price action moving above ~0.001358. Either scenario is even better if confirmed by bullish momentum.
(3) ~0.00102 and 0.00061 marks the support region for QTUM as identified in this analysis. The falling wedge does intersect support region so it is crucial to watch and see what comes up next for QTUM before making any decision especially going long (buy).
A break below the lower line of the wedge and also lower line of support (0.00061) implies more downside potential for QTUM.
(1) ~0.002918 and 0.00243 is anticipated to provide resistance on a breakout to the upside of the falling wedge (diagonal). ~0.00276 (green dotted line) indicates a price level where QTUM previously found support.
This gave way to more bearish action on February 20, 2018. Based on the principle that previous support can become resistance and vice versa, further evidence is provided that QTUM might encounter a wall of sellers between 0.002918 and 0.00243 as ~0.00276 is within the region of resistance mentioned above.
(2) A falling diagonal (wedge) pattern established since May 11, 2018. This pattern is bullish (albeit not 100% of the time) and any breakout to the upside should be expected to return back to the origin of the wedge which is ~0.00217. This is not too far away from resistance i.e. (1) above.
Establishing a long (buy) position as soon as QTUM breaks to the upside of the wedge is less conservative than waiting on a breakout above the wedge and price action moving above ~0.001358. Either scenario is even better if confirmed by bullish momentum.
(3) ~0.00102 and 0.00061 marks the support region for QTUM as identified in this analysis. The falling wedge does intersect support region so it is crucial to watch and see what comes up next for QTUM before making any decision especially going long (buy).
A break below the lower line of the wedge and also lower line of support (0.00061) implies more downside potential for QTUM.
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