Qtum managed to break above the descending channel and 200 Moving Average suggesting that is it ready to continue trending upwards. QTUM/BTC producing higher highs and higher lows while trading within the ascending channel.
The overall trend is definitely bullish and Qtum should be moving higher to test 227.2% Fibonacci retracement level applied to the corrective wave after the descending channel breakout. This resistance is based at btc 0.0056 which is very close to the previously formed top in August last year.
The btc 0.0056 is the very first strong resistance for Qtum and it would be interesting to see the price action around this level, which should provide more clues about the further direction of QTUM/BTC. At this point, Qtum could continue trading within the ascending channel and could even move back to test the 38.2% Fibonacci support, which in fact has been already rejected. In the worst case scenario price could drop towards the 200 Moving Average, but only break below it should invalidate bullish outlook.
Komentarz
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Support rejected
Komentarz
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After rejecting the support strong move up followed, expecting growth continuation
It did reject support but steadily climbing now... what to do? When to sell?
CryptoPAMM
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@RG90, you can see my target on the chart, this is where you might consider selling or holding, depending on reaction of the market at this price
AndonooCrypto
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Would this be considered a break below the ascending channel? If so will it likely result in to a fall to the 270k sat support level? Could provide an even better buying opportunity.
RG90
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Bought at 353k - when do you think we will reach 398k? Thanks for the analysis!