As Requested! Cash Is King is here for you!
Updated
I am sure you want to read this as there is a lot of BTC sitting in QTUM right now, loads of people asking me to look at this coin so here is the update.
We have been trending down now for a couple of months and we have seen large pullbacks like this before and we have then continued to trend down.
You can see we have formed a descending triangle and it looks as though we have gone into consolidation for the next move up, however indicators tell us otherwise.
If you were to look at the sells in Qtum you would say we are looking at breaking low out of the descending triangle and this was just a pullback and we will continue the downward trend to targets in black.
There is a chance though even though strength indicators are telling us we will see a drop that we do break high of the descending triangle the only reason I would say this as we will receive support from the .618 fib which may provide us a point we bounce from and we will see some volume flood in.. To support this move we need buys to come back in and momentum needs to remain over 45 on the RSI to give us the indication we will head that way.
We do not enter this trade until we were to break high of the descending triangle.
Indicators tell me we will break low and continue down, if this is the case and we break the red base line I would be selling and reentering down at the black targets.
Cash is King!
We have been trending down now for a couple of months and we have seen large pullbacks like this before and we have then continued to trend down.
You can see we have formed a descending triangle and it looks as though we have gone into consolidation for the next move up, however indicators tell us otherwise.
If you were to look at the sells in Qtum you would say we are looking at breaking low out of the descending triangle and this was just a pullback and we will continue the downward trend to targets in black.
There is a chance though even though strength indicators are telling us we will see a drop that we do break high of the descending triangle the only reason I would say this as we will receive support from the .618 fib which may provide us a point we bounce from and we will see some volume flood in.. To support this move we need buys to come back in and momentum needs to remain over 45 on the RSI to give us the indication we will head that way.
We do not enter this trade until we were to break high of the descending triangle.
Indicators tell me we will break low and continue down, if this is the case and we break the red base line I would be selling and reentering down at the black targets.
Cash is King!
Note
Qtum has support on the .618fib and seems Mohave buyers there
Related publications
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.