- The short and medium-term outlook is in the uptrend.
- Buying at pullback areas with bullish reversal candlesticks may be considered.
QTUM/USD Medium-term Trend: Bullish
Supply zone: $4.00, $4.50, $5.00
Demand zone: $2.50, $2.00, $1.50
QTUM is in a bullish trend in the medium-term outlook. The bearish momentum which began yesterday towards the close of the session at $3.61 in the supply area was lost today as price drop to $2.97 in the demand area after the opening session.
The demand area establishes the neckline of the head and shoulder pattern with the right shoulder developing, an indication of the bulls gradual returned. This confirmation of the bulls dominance occurred after the formation of the spinning top a good trend reversal signal.
$3.62 in the supply area is the bulls target for the completion of the right shoulder in the medium-term, hence increased in the bullish momentum may be expedited and a break of the two EMAs in the medium-term.
QTUM/USD Short-term Trend: Bullish
Qtum is in an uptrend in the short-term outlook. The cryptocurrency gave a double bottom pattern after a drop in price to $2.99 in the demand area shortly after today’s opening session.
The demand area was strong support as a further drop in price was rejected.
Price is up at $3.10 in the supply area around the 10-EMA. The break out at the EMA is imminent with more buyers returning to the market in the short-term.
The signal of the stochastic oscillator is up at 21% an indication of upward momentum in price of the coin in the short-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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