So an update on Qtum. Qtum has fallen under our white trendline we drew last week As expected it went down until it found a key support region from .0018-.0019. It was certainly interesting to see QTUM experience a V-Shaped recovery, quite interestingly timed with Consensus around the corner(or weekend).
My initial lean is still bearish on QTUM. The 12 and 26 EMA have crossed bearish, the 12 EMA is touching/about to cross the 50MA. We are still well below the 200MA so our upside is capped. We have so much resistance to cover that I think QTUM needs to have a BOMB presentation/demo at Consensus to see any catalyst to the upside. And if it does NOT deliver, we will probably see another leg down.
Having said all that. I do own QTUM (for the long term, for better or worse). My only positive hope i that the recent drop/recover is a start of another up trend (orange trendline). I drew it all the way to July as it reaches a key resistance level of .0025. Now I have formed an ascending triangle using the orange trendline and the top red resistance line. This would have a projected time line of until Mid July.
I definitely understand this is a reach to try to see a triangle form. but I might as well put out what I'm looking for. if it falls below the orange trendline, we will re-evaluate with a new conclusion.
For now, I am watching QTUM over the next two months. If it plays out the way I see it (which it rarely does LOL), then an ascending triangle could be a massive indicator of bullish action ahead.
GL.
THIS IS NOT FINANCIAL ADVICE/RECOMMENDATION. THIS IS FOR EDUCATIONAL PURPOSES ONLY.
My initial lean is still bearish on QTUM. The 12 and 26 EMA have crossed bearish, the 12 EMA is touching/about to cross the 50MA. We are still well below the 200MA so our upside is capped. We have so much resistance to cover that I think QTUM needs to have a BOMB presentation/demo at Consensus to see any catalyst to the upside. And if it does NOT deliver, we will probably see another leg down.
Having said all that. I do own QTUM (for the long term, for better or worse). My only positive hope i that the recent drop/recover is a start of another up trend (orange trendline). I drew it all the way to July as it reaches a key resistance level of .0025. Now I have formed an ascending triangle using the orange trendline and the top red resistance line. This would have a projected time line of until Mid July.
I definitely understand this is a reach to try to see a triangle form. but I might as well put out what I'm looking for. if it falls below the orange trendline, we will re-evaluate with a new conclusion.
For now, I am watching QTUM over the next two months. If it plays out the way I see it (which it rarely does LOL), then an ascending triangle could be a massive indicator of bullish action ahead.
GL.
THIS IS NOT FINANCIAL ADVICE/RECOMMENDATION. THIS IS FOR EDUCATIONAL PURPOSES ONLY.