HughGRection

QTUM at a great buy spot

Long
BITTREX:QTUMBTC   Qtum / Bitcoin
QTUM is back down at what has been a bottom several times for a while now. There are a large amount of buyers near 0.0024 and right below. Huge divergence showing on the RSI, and the stochastic looks poised to cross back out of oversold. This area coincides with an important Fibonacci retracement level, and it appears likely to make its way back up to one of the Fib levels above it. Also, price pierced the 3 standard deviation Bollinger Band, and has crossed back over the 2 SD Bollinger band nearly inside 1 SD. This is a very low risk trade set up with a high potential reward. A lot of whether this holds depends on BTC. If you look at my other recent analysis, we are coming into a very strong support area for Bitcoin.

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