QTUMBTC; falling wedge w bullish indicators; FA & TA
EP: Below .00175
TP1: .002102
TP2: .002984
TP3: .003488
SL: .00165
QTUM has had a lot of volatility since it hit bittrex making huge ups and downs. On a fundamental level we have a currently about 20% of QTUM tokens now being staked, and that number is growing. New exchanges are and have been added (bitfinex, and some japanese and korean exchanges still coming), as well as WeChat and Qhola wallets in Q4.
Since we fell below the .002 price level we can see that we are not in a descending triangle, but actually a falling wedge. The majority of falling wedges to break upward so we have that in our favor. A much better set up than a descending triangle which normally break down.
At points 1. and 2. we see lower low in price, with OBV failing to make a lower low indicating upward movement. On the OBV graph the blue box marks where we expected it to go.
RSI shows an equal value compared to the last dip in price which is a weaker indicator for bullish movement, but a bullish signal none the less. We do see a series of lower lows in the RSI that are forming along a trend line. If RSI falls below this line it is an indicator that our trade was bad. Normally that would be a stop loss signal for me, but in this case we would be in the oversold region can add to our position on consolidation or when price forms a lower low. If you want to set a stop loss it can be at .00165. Expect RSI to form a double bottom on the daily chart as it has done in the past before moving upwards. This may be as late as October 25th after BTCG forks.
The reason I am not 100% long on this trade is because of BT2X fork upcoming in November. It is not yet clear if we will in fact fork, or if alts will rally after BTCG fork and before BT2X.
This is not trading advise, just my personal trade. Educational only. Trade at your own risk and do your own research.
TP1: .002102
TP2: .002984
TP3: .003488
SL: .00165
QTUM has had a lot of volatility since it hit bittrex making huge ups and downs. On a fundamental level we have a currently about 20% of QTUM tokens now being staked, and that number is growing. New exchanges are and have been added (bitfinex, and some japanese and korean exchanges still coming), as well as WeChat and Qhola wallets in Q4.
Since we fell below the .002 price level we can see that we are not in a descending triangle, but actually a falling wedge. The majority of falling wedges to break upward so we have that in our favor. A much better set up than a descending triangle which normally break down.
At points 1. and 2. we see lower low in price, with OBV failing to make a lower low indicating upward movement. On the OBV graph the blue box marks where we expected it to go.
RSI shows an equal value compared to the last dip in price which is a weaker indicator for bullish movement, but a bullish signal none the less. We do see a series of lower lows in the RSI that are forming along a trend line. If RSI falls below this line it is an indicator that our trade was bad. Normally that would be a stop loss signal for me, but in this case we would be in the oversold region can add to our position on consolidation or when price forms a lower low. If you want to set a stop loss it can be at .00165. Expect RSI to form a double bottom on the daily chart as it has done in the past before moving upwards. This may be as late as October 25th after BTCG forks.
The reason I am not 100% long on this trade is because of BT2X fork upcoming in November. It is not yet clear if we will in fact fork, or if alts will rally after BTCG fork and before BT2X.
This is not trading advise, just my personal trade. Educational only. Trade at your own risk and do your own research.
Comment:
QTUM consolidated above .002 indicating likely continuation. Price has broken out of the pennant and is currently retesting the pennant. Entry can be nowadays at .00210
Next target is .0024
QTUM consolidated above .002 indicating likely continuation. Price has broken out of the pennant and is currently retesting the pennant. Entry can be nowadays at .00210
Next target is .0024
Trade closed: target reached
RSI has run up higher than expected but the general alt market fundamentals and QTUM price history tells us we are gonna retest the low.
EP 1 .00176
EP 2 .00162