Josuerg33
Short

Qtum entry and exit strategy

BINANCE:QTUMBTC   Qtum / Bitcoin
Qtum seems to be forming a bullish pennant .

Entry point is at the bottom of the pennant , risky movement is buying at 3000 sat, with a stop loss under the next fib ret (2800sat).

More secure movement is to wait until support of pennant is confirmed, then buy around 3100 sats .

Balanced movement is to buy 50% of your allocation at 3000 sat with stop loss at 2800sat, wait for testing and bouncing from resistance, then buy the other 50% around 3100-3200 sat.

If qtum manges to touch the top of the pennant before the 16th of Feb (Start of Chinese new year) extra caution should be taken, profits should be taken around 3800 sats (25% to 50%), then buy back close to the support line.

Between 16th to 23th of Feb. pay attention to volume , if is enough to break the pennant top resistance then it is a good idea to prepare another order to buy more qtum, but wait for a retest of the previous resistance that then should became a support.
Comment: With the current market climate is best to wait and see what happen. Do not try to catch a falling knife, in such a extreme conditions TA is prone to fail.
Comment: Not a bad time to buy, but better to keep a tight stop loss at 2800 sat. Prudent traders should wait until tomorrow to see if we bounce up from the support.
With the current market climate is best to wait and see what happen. Do not try to catch a falling knife, in such a extreme conditions TA is prone to fail.
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