QTUM at the crossroads
Updated
Good morning,
I have a simple analysis of QTUM for you. We are approaching the uptrend line from when the crypto market bottomed out in mid September. It also appears that the resistance-turned-support at $10.50 coincides with this mark. I expect to see a bounce up in this are and a continuation of the uptrend.
As always with altcoins, keep an eye on Bitcoin. If the price falls out over there it is likely to drag down the rest of the market.
I have a simple analysis of QTUM for you. We are approaching the uptrend line from when the crypto market bottomed out in mid September. It also appears that the resistance-turned-support at $10.50 coincides with this mark. I expect to see a bounce up in this are and a continuation of the uptrend.
As always with altcoins, keep an eye on Bitcoin. If the price falls out over there it is likely to drag down the rest of the market.
Trade active
QTUM appears to have bounced off the uptrend line and has made a good move up. Short-term trades could be closed out at $12.50. I will be watching BTC now. If its price breaks through the uptrend line I expect QTUM to follow, so in that scenario it might be good to close short-term trades (depending on your strategy). If BTC finds support at the uptrend line and continues its upward movement, I expect QTUM will have no problem breaking through the resistance at $12.50.
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