Hello Lads and Ladies,
As requested we are looking into QTUMBTC today. I have to admit, a very interesting coin that has a lot of potential. To be specific, the potential to make 500% and maybe even more!
Lets start with the daily, so we know what is going on and where we are heading to right now.
After the very big push, QTUMBTC entered a diamond shape formation and started a very deep-dive downtrend. It has bounced a few times and moved sideways, then hit the downtrend resistance again and got rejected there already multiple times, which is why it still in a downtrend.
We have seen that QTUMBTC held its support at 78.6% fibs pretty long but this support broke as well and now we are sitting on an intermediate support, which would normally give us a big sign and possibility to break the downtrend and start rocketing right now. Yet, this is not the type of support that you want to see before breaking a very big downtrend.
Therefore, I am pretty much sure about it that we will see QTUMBTC continue its downtrend journey a little more. Here I am especially looking at two major support lines at 0.00105 and 0.00065.
The 0.00105 is a very special support, based on a previous turning point of the middle of Bollinger Bands. These turning points and and are playing a major with supports and resistances.
Lets take a look at the 4 hour chart for a better short term understanding.
Here we can see that this is something more like a dead cats bounce, instead of the trend reversal that we are looking for. Moreover, we have seen here a pretty clear double top combined with a resistance test, which indicates a pretty strong downwards movement.
I see here that we are going to hit the middle of Bollinger Bands and with it test the downtrend resistance again. I highly doubt a breakout here, therefore I believe that we are going to go down to at least 0.00105 and then we will have a much clearer picture whether we are going even deeper or if we are going to be ready to break the downtrend.
IN NUMBERS
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Cheers, Tomas
