- The bears are in control of the short and medium-term outlook.
- 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 is in a bearish trend in the medium-term outlook. The bulls had a good run with the cryptocurrency up at to $3.46 in the supply area surpassing the target at to $3.30. The rally was cut short on 20th July due to exhaustion denoted by wick in the inverted candle.
The bears had a gradual returned with an initial break of the two EMAs on 21st July as price plummeted to $3.11 in the demand area. The momentum was sustained during yesterday session with price as low as to $2.95.
Although today opening candle closes a bearish doji at to $3.03, the large bearish candle confirmed that bears stronghold of the market as the coin fell to $2.87 in the demand area.
The signal of the stochastic is pointing down at 10% in the oversold region an indication of downward continuation with the key demand area at $2.60 as the bears' target in the medium-term.
QTUM/USD Short-term Trend: Bearish
QTUM is in a downtrend in the short-term outlook. The bearish railroad format to $3.25 in the supply area shortly after yesterday opening signaled the bears' presence. With the support at the two EMAs broken at $3.17, the downtrend was confirmed. $3.16 was the low before the end of yesterday session.
The pressure was strong on the coin as the market opened today at to $3.03 with a further drop in price to $2.87 in the demand area.
Price is below the two EMAs with the 10-EMA a strong resistance against upward price movement. The stochastic oscillator signal points down at 12% in the oversold region an indication of strong downward momentum in price 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.
