COINBASE:QNTUSD Quant / United States Dollar
Quant has been hitting multiple breakout targets in a row on the daily time frame (not shown here) which has taken price action up and above a channel (in red) that I have also been watching on the . It was after I noticed Gala appeared to be breaking up from a on its weekly chart that made me decide to flip my qnt chart to the weekly time frame as well, and sure enough, the channel was attached to a long bear pole on the weekly chart making it also a . If it does break up from the flag the breakout target takes price back up to this blue inv neckline and would then complete the right shoulder…which is the price movement I’ve been anticipating ever since we reversed trend back to the upside, so this measured move target from the flag leading directly back to the neckline makes a lot of sense and adds good confluence….you can see I also have another little dotted green line going slightly higher than the one I put the price tag on. The slightly higher one was when I included the wick in the length of the flagpole and the one closer to the neckline is without including the wick…hard to say which one is more valid as of now. *not financial advice*
One key difference between galas bear flag and quants is that the channel on quants is a rising channel which tend to break downward, making a break upward a little less likely than galas descending channel bearflag…still, the way the market has been going and the fact that the death cross appears like it’s going to be a fakeout as well as a few other bullish confluences suggest there’s a good probability qnt’s bearflag will break upward as well.
It’s starting to appear like we may confirm the breakout up from the red bear flag here as we already have one weekly candle close above it and for now at least it appears like the follow up candle could close above it as well.