QTUM on the Daily chart looks like a consolidation into an equilibrium pattern. It is currently testing the 26 EMA (orange) as support as the 12 EMA (teal) is starting to slope downward. This means if we do not have a breakout in QTUM soon, we will see the two EMA cross and that would be a Bearish Indicator. The MACD has also seen a bearish cross recently after staying in a healthy uptrend for the past 3 weeks.
If QTUM does not close above the white trendline or the orange EMA, we can expect a test of the support zone of .0022 to .00217 BTC which is the area of the first green horizontal support line (.00219011).
If QTUM cannot hold that level, the next support zone would be from .002075 and .002025 BTC.
If QTUM cannot hold that level, the next support zone would e around .00189585 to .00186794.
If QTUM can rebound, find support on the white trendline, it will be met with multiple layers of resistance starting with the 200 MA (pink) and going up into the .0024 zone, then .0025 to .0025725 zone, then .00272 to .00286.
Exiting recommendations can be either time based or price based.
For those very risk averse, you can exit slightly before and right about when the 12 EMA crosses the 26. You can also set a stop loss above or slightly below the first green support line OR the 2nd. If QTUM reaches the third support line, I'd be more inclined to enter a position rather than exit, because I would expect a trading opportunity in the short term, or a decent entry for a long term investment.
If QTUM rallies, you can start selling portions at or near the resistance levels. My guess is, if we do reach the first level of resistance marked at .00240999, odds are in our favor or breaking it and heading towards the .0025 level confidently.
For now, I will monitor the situation and probably come up with a more definitive opinion in 3 or 4 days.
If QTUM does not close above the white trendline or the orange EMA, we can expect a test of the support zone of .0022 to .00217 BTC which is the area of the first green horizontal support line (.00219011).
If QTUM cannot hold that level, the next support zone would be from .002075 and .002025 BTC.
If QTUM cannot hold that level, the next support zone would e around .00189585 to .00186794.
If QTUM can rebound, find support on the white trendline, it will be met with multiple layers of resistance starting with the 200 MA (pink) and going up into the .0024 zone, then .0025 to .0025725 zone, then .00272 to .00286.
Exiting recommendations can be either time based or price based.
For those very risk averse, you can exit slightly before and right about when the 12 EMA crosses the 26. You can also set a stop loss above or slightly below the first green support line OR the 2nd. If QTUM reaches the third support line, I'd be more inclined to enter a position rather than exit, because I would expect a trading opportunity in the short term, or a decent entry for a long term investment.
If QTUM rallies, you can start selling portions at or near the resistance levels. My guess is, if we do reach the first level of resistance marked at .00240999, odds are in our favor or breaking it and heading towards the .0025 level confidently.
For now, I will monitor the situation and probably come up with a more definitive opinion in 3 or 4 days.