QTUM has entered an ascending triangle formation, with a horizontal roof right on the 235 SMA. This formation is usually a continuation signal of a bullish trend, however the moving averages don't look ready, especially with resistance being on the 235. If the triangle supports another bounce, then a buy order could be set at the breakout at ~0.0029, with a stop at ~0.00274, for a 20% target below previous resistance at ~0.00348. However, if it does break then caution should be taken on the fundamental side - since China is likely to announce new cryptocurrency regulations next week, which could be likely to interrupt this breakout run.
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Triangle has been broken, longer term we are still out of a descending wedge. Could see a bounce on the 77 SMA after the mainnet token swap
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QTUM is now holding in a larger ascending triangle, previously advised long position should be enacted if upper resistance at the 235 SMA is broken.
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Break of secondary triangle, looking for bounce on 77 SMA
There's also a much bigger downtrend if you zoom out. I already sold mine at 0.00286500 with the idea to buy back lower.
Az_am_I
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@dirtyred, There is a larger downtrend, but it just broke a descending wedge formation overall, before entering this ascending triangle. So things aren't looking too bad long term:
dirtyred
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@Az_am_I, I agree. It depends on other things as well, it's never one sided. If it does a double bottom now things could get interesting.
dirtyred
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I completely agree with your idea.
I'm literally doing a staring contest with QTUM. Seems like it doesn't really want to move since about an hour or so and waiting for the same breakout in either direction. I don't really care which way it goes. If it breaks up, I'll buy, if it breaks down even better, I can buy cheaper.
Az_am_I
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@dirtyred, I hope it breaks down as well! I love this project and would like to buy more :) But short term there seems to be too much indecision. Thanks for your comment!
dirtyred
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@Az_am_I, 12 hours of indecision (3% volatility) in crypto for me is a bit odd. Volume is pretty low as well. I don't know much about the technical side but it's cool to have a mix of Bitcoin and Ethereum protocols mixed. Not sure how much will it succed in the business world. Yes, everybody nowadays wants blockchain (it's like web 2.0 flashy buttons repeating) technology but I think bigger companies will develop their own private ones.
TLDR: I like the project but a bit sceptical.
Az_am_I
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@dirtyred, On the fundamental side, the most promising thing I see is the list of ICOs planned to launch on the platform. I'm still fairly new to TA, as you can tell from my rep and publish history, but it still appears very up in the air for this coin, as it is for most.
dirtyred
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@Az_am_I, Recently on the Expanse platform there was the Tokenlab ICO. It didn't influence it almost at all. So just because there are a few ICO's on a list it doesn't mean anything if the platform itself is not really used. QTUM is really in it's early stage. It could become big or could fail horribly like many other promising projects.
Az_am_I
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Thanks @dirtyred, great feedback, that's a good point. Everything is still so new in this field, even coins with great potential could go to zero, it's very difficult to pick long term winners at this stage.
dirtyred
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@Az_am_I, Bollingers starting to close, something has to happen in the next hour or so.