Fundamental Analysis
Qtum is a project coming out of China that aims to make decentralized blockchain technology easy to deploy for enterprises. It provides a Turing-complete blockchain stack and is able to execute smart contracts and decentralized applications like the eth blockchain.
Qtum builds on Bitcoin's UTXO transaction model and uses the Proof-of-Stake algorithm. It is backed by some highly prominent members of the blockchain community such as Anthony Di Iorio, Xu Star, Bo Shen, David Lee, Jehan Chu and Roger Ver.
Qtum conducted its crowdsale in March 2017 where 51 million Qtum tokens were sold in 117 hours raising 11,156 BTC and 77,081 ETH (approx $15.6m)
QTUM has an airdrop event for BOT happening on the 16th. Those who hold over 10 QTUM on this date will receive 4 BOT per every 100 QTUM on their wallet. We all know how much people love airdrops (see IGNIS). So lets get right to it then shall we?
Technical Analysis
The daily shows a strong consolidation after a measured move upwards predicated upon volume earlier in December. RSI has finally crossed the 50 level with plenty of room to run. MACD looking to make a centerline/bullish crossover soon as well. Kumo breakout currently occurring with a potential TK cross above the cloud (strong bullish signal). Definitely worth taking a position to ride the first few targets out for the time being (even if that means dumping pre or post snapshot depending on your love of airdrops). Last but not least we see tight BB channel which leads me to believe the next move will be a bullish breakout with a fair amount of volume.
The 4 hour adds confluence to my bullish thesis. We see price action attempting a Kumo breakout after a weak TK cross below the cloud. Furthermore we see a bullish divergence occurred a few days ago which signaled that there was underlying strength in the bounce. MACD is angled steeply upwards after crossing the centerline. RSI is resetting after quite a bullish breakout sustained by volume. Price is teetering on the flat kumo top resistance which happens to correspond with the 61.8 fib as well. A close above this key level will be crucial to reach optimal profit.
Optimal Entry: 325k (if retesting breakout)
Likely Range: 338k - 345k (if no retest)
Optimal Profit: 491k
Interim Targets: 354k, 377k, 407k, 426k, 450k
Stop/Loss: 299k
Thank You
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