QTUM is looking like starting the second elliot wave pattern. It's currently trying to break a resistance line, and if it can break that resistance it could shape up to be a great long opportunity. It has bounced off the support line 3 times and used it as resistance once so I'm quite confident that if it fails to break resistance, it wont fall much further. In saying that however it does appear that we could potentially see a head and shoulders pattern emerge which could send it back to the floor so be careful of that. If price does end up breaking, look for it to push for an ATH before retracing. From there I could see it breaking the ATH and mooning. If that happens then we could see massive gains as it would almost be confirmed that it was in the second elliot wave leg phase.
If it hits the buy area and confirms to stay above it, the look to set stop loss just below the current resistance line.
If it falls back to support look to enter once it has bounced and set stops accordingly
If it hits the buy area and confirms to stay above it, the look to set stop loss just below the current resistance line.
If it falls back to support look to enter once it has bounced and set stops accordingly
Note
Price looks like it's going to test support again before hopefully breaking resistanceNote
Price bounced nicely from support, now for it to test resistanceNote
Price is trending and accumulating between the support and resistance lines. Expecting a breakout either side soonNote
Price broke bottom support line after completing H&S pattern. Expect it to fall to floorNote
Can see it bouncing from the 0.786 Fib line. This would complete an elliot wave cycle, potentially starting a new, bigger one. Look to buy once it has broken the previous support, now resistance line
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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.