QTUM/USDT Update: Explosive move directly to first Target
QTUM did break above the 7.5$ line and formed a consolidation bullflag which broke upwards as well.
We now reached the first target zone defined by 11-12.5$.
Looking at this strong move we expect some consolidation before we break into and through this target zone.
We closed some part of the position and did take partial profits.
Once we move above 12.5$ we maybe get back in for the ride to 25$.
Daily chart on the left hand side:
- We see a strong recovery which could take some more weeks according to the current price position and the recent ATH.
- There is a volume spike with a strong price move. --> We expect some cooldown.
- On the RSI side we passed the 70 line which is a warning flag that we go up very fast.
There could be some resistance on the RSI side was well as indicated by the orange line.
4h chart on the right hand side:
- We see a golden cross indicated by the yellow camera.
- The RSI is above 80 in the overbought. So be careful.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
We now reached the first target zone defined by 11-12.5$.
Looking at this strong move we expect some consolidation before we break into and through this target zone.
We closed some part of the position and did take partial profits.
Once we move above 12.5$ we maybe get back in for the ride to 25$.
Daily chart on the left hand side:
- We see a strong recovery which could take some more weeks according to the current price position and the recent ATH.
- There is a volume spike with a strong price move. --> We expect some cooldown.
- On the RSI side we passed the 70 line which is a warning flag that we go up very fast.
There could be some resistance on the RSI side was well as indicated by the orange line.
4h chart on the right hand side:
- We see a golden cross indicated by the yellow camera.
- The RSI is above 80 in the overbought. So be careful.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
