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Qtum Crucial Breakout Eyed

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Qtum (QTUM)

Market Cap. $1.92B

Circulating Supply: 88.55M QTUM

Max Supply: 0 QTUM

Volume (24h): $231.36M

 

QTUM/USD increased and resumed yesterday’s bullish candle. It went up by more than 4.4% today, and the bullish movement should continue. The crypto is trading near an important resistance area, so you should wait for a valid breakout.

qtum price chart

The current increase is natural and it was expected after the breakout above the minor downtrend line. It has shown an oversold when has failed to approach and reach the 10.74387040 swing low. Qtum price increased again after many retests of the upper median line (UML) of the descending pitchfork.

Right now is premature to talk about a more significant increase as long as the rate is trapped below the first warning line (WL1) of the descending pitchfork and below the 21.75638400 static resistance.

Personally, I want to see a valid breakout above the  WL1 followed by a lower median line (lml) retest to be sure that it will increase at least till the 50% Fibonacci line (ascending dotted line).

A further increase will be invalidated by a valid breakdown below the outside sliding parallel line (sl) of the ascending pitchfork. You should be careful because we don’t have a valid breakout above the lower median line (lml).

It has made a false one in the last days, so we need a confirmation that it will stabilize above the lower median line (lml). You should know that only a valid breakout above the 50% Fibonacci line will confirm an increase towards the median line (ml) and towards the 38.2% retracement level.

qtum chart - forex academy

QTUM/USD reached a dynamic resistance represented by the inside sliding parallel line (sl2). It will be very important for the rate to close above this dynamic obstacle because another rejection could send the price towards the outside sliding line (sl1).

QTUM Price Prediction Conclusion:

If you decide to go long from above the 23.00000000 psychological level, then you should place a Stop Loss somewhere below the 18.00000000 level. The crypto market has shown signs of life as the major cryptocurrencies have registered significant gains in the last days, but you should be very careful because this could still be only a temporary rebound.

 

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