QTUM/USDT Consolidation before the relief breakout?QTUM consolidates between the 4.8 support line (green) and the 7.5 resistance line (orange).
Currently we even can draw falling triangle (yellow line).
On the right hand side we see that price action currently moves between the 200ma and 50ma.
One we break through the 200ma we expect a relief rally with higher highs and higher lows.
The RSI on the daily chart on the left hand side shows that we are moving upwards where a higher low was printed indicated by the yellow line.
Currently we stay neutral until we get the upwards breakout.
Volume so far declines which means we have no indication here for a nearby trend reversal.
So let's see and hodl.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
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ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
