Two days later, QTUM has broken through the first green support at .00219 and now is forming a bear flag on the 4 hour chart as well as an inside bar. This suggests we may see another leg down to around the big even of .002 BTC. From there, I would expect a rebound, that lasts anywhere from 3-5 candles (12 to 20 hours). But first let's see if it breaks down below our recent low/support (green dashed line). If it does, the price may drop down to .002. HOWEVER, if there is a lack of follow through from the bears (in terms of volume), then we can see a reversal back to testing the 200 MA (pink). Overall, QTUM looks like its in bad shape. On the daily chart, the MACD had a bearish crossover.
This does not look like a promising trade set up. However, if you were feeling frisky, I guess you could either 'buy this dip' and have a tight stop loss at the dashed green line. If the pattern fulfills the bear flag, and goes down, your loss is minimal and if bears cannot follow through, we can see a small reversal for a ~5% gain. However, I would declare the overall environment of QTUM as bearish.
This does not look like a promising trade set up. However, if you were feeling frisky, I guess you could either 'buy this dip' and have a tight stop loss at the dashed green line. If the pattern fulfills the bear flag, and goes down, your loss is minimal and if bears cannot follow through, we can see a small reversal for a ~5% gain. However, I would declare the overall environment of QTUM as bearish.