- The medium-term outlook is in the uptrend and short-term outlook is in a range-bound market.
- Patience is required trading the range in the short-term.
QTUM/USD Medium-term Trend: Bullish
Supply zone: $5.00, $5.50, $6.00
Demand zone: $2.50, $2.00, $1.50
QTUM is in a bullish trend in the medium-term outlook. The strong pressure by the bears was reflected in the break of the lower demand area of the range at $4.40 on 10th July. Lower lows at $3.97 and $3.35 in the demand area were attained on 10th and 11th July respectively as the bears' momentum gradually decreases.
The rejection of further downward price movement retuned the market to bulls. This was confirmed by the doji at $2.35 before the end of yesterday session. Price rose to $3.91 as the bullish momentum increases.
The bulls target is $4.40 in the supply area, the previously broken demand area now a supply area as the pressure becomes much strong on the coin in the medium-term.
QTUM/USD Short-term Trend: Ranging
Qtum is in consolidation in the short-term outlook. $3.50 in the demand area was a strong demand area with the bears losing momentum as price drops to this area.
The bulls simultaneously lose momentum at $3.91 due to the resistance from the 50-EMA as the market was dominated by the bulls shortly after today’s opening session with price at $3.57.
$4.00 is the upper supply area while $3.40 is the lower demand area of the range. Patience should be exercised for a breakout at the upper area or a break down at the lower area with a retest before a position is taken.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
