Hi, This is the first chart I've ever (really) done after learning so much recently. I'M NO EXPERT. I submit this in the hopes of getting constructive commentary, discussion, fun and an opportunity to learn. I would love some of the prominent Crypto chArtists here to give pointers, and especially illuminate flaws, mistakes and presumptions.
PROS QTUM has had a lot of hype lately and has been called a direct competitor with NEO. Both have been very bullish. Both have stalled a bit with BTC's meteoric rise... BTC currently 43300.02 as I write this and ATH. QTUM has less history to base technicals on. Shape closely parallels NEO in earlier rallies. I PREDICT people hoarding and hodling NEO due to NEO coins, which means less to trade. I'm still bullish NEO.
CONS QTUM is younger and weaker than NEO I don't know if it will generate the kind of residuals as NEO QTUM completed an almost perfect head and shoulders formation at 7:30 am PDT August 14
ITS DECISION TIME FOR QTUM -
QUESTIONS If BTC re-traces, (and it has to) will that encourage QTUM to rise again? What is the time limit for that to happen before QTUM breaks down?
Here's a few things for you. And by no means am I an expert either.
-It is to early to identify a major support zone for QTUM
-when you draw your trend lines you should go from low to low in a way where the candles are above your line. Copy that line and see if it lines up with the highs. Most of the time it does. For QTUM it doesn't, probably because there is only a few weeks of price history. Your trend lines should make a boarder of all of the candles within the trend, ie. they candles shouldn't be going through your lines unless there is a break out. That way if candles cross a line, you know it is significant.
-I published the chart I am using for QTUM right now, and added in some trend lines so you can see how I make my trend lines, but they look kinda odd cause there isn't much to trend off of.
Here's a few things for you. And by no means am I an expert either.
-It is to early to identify a major support zone for QTUM
-when you draw your trend lines you should go from low to low in a way where the candles are above your line. Copy that line and see if it lines up with the highs. Most of the time it does. For QTUM it doesn't, probably because there is only a few weeks of price history. Your trend lines should make a boarder of all of the candles within the trend, ie. they candles shouldn't be going through your lines unless there is a break out. That way if candles cross a line, you know it is significant.
-I published the chart I am using for QTUM right now, and added in some trend lines so you can see how I make my trend lines, but they look kinda odd cause there isn't much to trend off of.
Hope this helps
Happy trading