QTUMUSD has retraced back to the lower bound of it's rising channel. We saw a parabolic move that broke the top side of the channel; so it's possible we may get a whipsaw reaction that pushed below the channel - however ideally, cooler heads prevail, and this movement can continue.
RSI has dropped below 40; which has historically seen a relief rally off the base of the channel; and with volume remaining consistent, there is nothing to suggest this won't be a continuation of the channel.
Thanking
What is the result ??
I mean, the chart is still going down ??
Or will it go up in the main channel ??
Can the price be hoped to rise ??
Thank you
Moon_Rocket_Capital
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@alijoybar65, as a rule of thumb, the longer trend will usually[/u] continue; however obviously a short term trend will eventually result in a reversal. Ultimately, no one has a magic wand to say WHEN a change will happen. All we can do is understand both sides of the market and play the probabilities.
We have dipped below the channel, but with RSI this low we will most likely get a recovery bounce.
What is the result ??
I mean, the chart is still going down ??
Or will it go up in the main channel ??
Can the price be hoped to rise ??
Thank you