Qtum has touched the bottem of a falling channel.. and is rising up again: in a pattern known has lower highs, lower lows, als known as a downtrend!
Will it rise further: not unlikely. Should you go long? I wouldn't! Plenty of more attractive coins out there that are in fact in a uptrend.
If you would check RSI on the 4 hrs pricecandles you will see (from the bottem of the downward channel as shown on the daily candles in the above graph) there are higher peaks in price with lower peaks in RSI.. also known as bearish divergence.. another warning not to go long here!
I'd reconsider that upper trend line you've drawn. You're cutting off a major wick, and yet using other wicks. Overall pattern seems more like a falling wedge, in my opinion.
Fully appreciate a trader posting bearish thoughts when the vast majority are bullish on a coin though.
yuri72
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@mulzer, Thk you for commenting. I have considered what you are proposing, but think it gives the same problem using some wicks and cutting others.You can get 3 touching points that way though.. but even then allthough you ghave a breakout: the current high is still lower as the previous one..
But I have a preference for symmetrical channels. :)
camsjams
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@mulzer, I thought the same thing and have been looking at it like that for a few days
ttovmasy
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thanks for the chart! simple conclusion... what other coin do you recommend with an uptrend right now? I am heavily invested in a few and looking to close my position in QTUM and start another one.
yuri72
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@ttovmasy, you could have a look at that other Chinese coin.. it is currently battling 0.0080/83 resistance area
Fully appreciate a trader posting bearish thoughts when the vast majority are bullish on a coin though.