- The short and medium-term outlook is in the bearish trend.
- Traders may consider selling at pullback areas.
QTUM/USD Medium-term Trend: Bearish
Supply zone: $4.00, $4.50, $5.00
Demand zone: $2.00, $1.50, $1.00
QTUM continues in a bullish trend in the medium-term outlook. The strong demand area was broken on 14th July after three touches with a large bearish marubozu candle at $3.52. The coin dropped initially to $3.05 and later to $2.77 in the demand area as exhaustion sets with the opening of yesterday market.
The bears returned after a retest of the broken demand area now a support area at $3.33. The momentum was sustained as the market opens today at $3.18.
The cryptocurrency is already down at $2.92 in the demand area below the two EMAs as the bears' pressure becomes stronger in the medium-term coupled with the signal of the stochastic pointing down at 39%. $2.60 in the demand area is on the card.
QTUM/USD Short-term Trend: Bearish
QTUM is in a downtrend in the short-term outlook. The breakdown at the lower demand area at $3.40 on 14th July was with a large bearish candle. The cryptocurrency fell to $2.77 in the demand area before the brief momentum loss shortly after the market opened yesterday.
This bull returned had a minor impact on the coin as pressure was weakened at $3.18 before the end of yesterday session.
The bears gradual returned was confirmed with the pinbar formed as the market opened today at $3.21. Confirmation to the bears' takeover occurred at the break of the 10-EMA.
QTUMUSD is currently down at $2.93 with the signal of the stochastic oscillator pointing down at 12% an indication of downward momentum 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.
