#QTUM is still trending below the key bull/bear trend line. The trend line connects a multi-year high of the coin with two other swing highs but has now pushed the coin almost to the wall as constant bearishness overwhelms the bulls. #QTUM has been supported by a minor upward trend line that connects lower highs from the recent days. At one point in time, the pair will have to break the big trend line and clear all stops that sit just above it. In order for this to happen, a more significant non-technical i.e. fundamental catalyst will have to take place to provide a major boost for the bulls. The more time the coin spends below the trend line, the more stops get accumulated above it = the stronger the break out move is. Furthermore, the RSI is trending near the lows on the daily time frame, which also points to the potential bounce.
Idea LONG
Entry: First close above the trend line on the minimum H4 chart. The trend line currently sits at 0.0013700.
Stop: 0.0012600
Target 1: 0.0014300 (swing highs)
Target 2: 0.0015000 (200MA on H4)
Target 3: 0.0016150 (23.6% retracement)
Idea LONG
Entry: First close above the trend line on the minimum H4 chart. The trend line currently sits at 0.0013700.
Stop: 0.0012600
Target 1: 0.0014300 (swing highs)
Target 2: 0.0015000 (200MA on H4)
Target 3: 0.0016150 (23.6% retracement)