Qtum / BitcoinLong
Accumulation is happening
Updated
While my initial projection was that of a butterfly pattern, it has been obvious that the approaching launch of the mainnet on Sep 13 will not allow it enough time to develop. More interestingly, however, is the Accumulation/distribution indicator showing a significant divergence against the price action. The OBV indicator (not on the chart) shows the exact same divergence which suggests there has been a very smart action on the buyers' side that kept the prices low and let them accumulate a significant amount of cheap QTUM. This is often a setup for a price spike, and is likely an accumulation in preparation for Sep 13. Watch out for the price break out 2-3 days before the mainnet launch and enter long when it happens.
Thoughts, please?
Thoughts, please?
Note
Not to mention the rising volume in the past few days. There has been a lot of selling and, consequently, a lot of buying.
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.