• The short and medium-term outlook is in the downtrend.
• Traders may consider selling at pullback areas.

QTUM/USD Medium-term Trend: Bearish

Supply zone: $4.00, $4.50, $5.00
Demand zone: $2.50, $2.00, $1.50

QTUM is in a bearish trend in the medium-term outlook. The journey down south began after the formation of the double top at $5.50 after a retest of the previous high by the bull. Increased bearish momentum pushed price down to $4.81 breaking the support at the 10-EMA.

The support at the 50-EMA was broken before the end of yesterday session as QTUMUSD fell to $4.37 in the demand area.

The bears remained dominant as the market open today on a bearish note at $4.90 as the 4-hour candle closed a bearish spinning top as price drops to $4.37 shortly after opening.

The signal of the stochastic oscillator points down at 22% with price below the two EMA an indication of downward momentum in price. $3.80 in the demand area remained as the bears' mounts pressure in the medium-term.

QTUM/USD Short-term Trend: Bearish

Qtum is in a downtrend in the short-term outlook. The bulls lost momentum shortly after today's’ opening at $6.06 in the supply area. The wick in the candle denotes exhaustion as the bears took control.

The 50-EMA and the trendline are strong resistance as price bounces off and dropped initially to $4.34 in the demand area.

Price is below the two EMAs and stochastic oscillator points down at 38% suggesting further downward movement in the short-term. $4.20 in the demand area is on the card as bears initial target as more sellers take positions 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.