QTUMBTC Daily S/R| Trend Trade|.50 Fibonacci |Range Mid point Evening Traders,
Today’s Analysis – QTUMUSDT- breaking daily S/R after running liquidity, a long trade is valid for continuation.
Points to consider,
- Trend bullish (consecutive higher lows)
- Daily S/R Flip retest (.50 Fibonacci)
- Range Mid (Local Resistance)
- Oscillators above 50
- Volume below average
QTUMUSDT’s immediate trend is bullish with consecutive higher highs and higher lows, this gives us a bullish bias on the market.
The current daily S/R is likely to be back tested for an S/R Flip retest. Holding the .50 Fibonacci will maintain the bullish structure.
Range midpoint is local resistance that has been respected, price is likely to consolidate below this level before continuation.
Both oscillators are above 50, this signals strength in the market, breaking bellow will be bearish.
The current volume profile is below average, an influx is likely upon a back test, this will signify momentum picking up in the trend.
Overall, in my opinion, a back test and hold of the .50 Fibonacci will allow for a valid long. Risk must be defined and price action to be used for discretion and management of the trade.
What are your thoughts?
Thank you for following my work !
And remember,
“Trading mastery is a state of complete acceptance of probability, not a state of fight it.”
― Yvan Byeajee
