- The medium-term outlook is in a bullish trend while the short-term outlook is in a range-bound market.
- Responsible buying may be considered.
QTUM/USD Medium-term Trend: Bullish
Supply zone: $4.00, $4.50, $5.00
Demand zone: $2.50, $2.00, $1.50
QTUM is in a bullish trend in the medium-term outlook. The bears' brief dominance as the market opens at $2.88 was lost at 2.83 in the demand area due to rejection. The bulls gradually build up momentum with the break of the resistance at 10-EMA with the coin up at $2.91.
Increased bullish pressure on the cryptocurrency pushes price further up to $2.94 in the supply area. the rally may be sustained in the medium-term with the signal of the stochastic pointing up at 68% and price above the 10-EMA.
The bulls target is the trendline at $3.05 before possible exhaustion, the pressure may get stronger with more candles opened and closed above the two EMAs.
QTUM/USD Short-term Trend: Ranging
QTUM is in consolidation in the short-term outlook. The bears lost momentum at $2.79 in the demand area shortly after yesterday opening session. The formation of bullish pinbar signal bulls takeover price rose to $2.90 in the range. The bears stage a brief returned before the close of the day as price drops $2.84.
The bearish momentum was sustained as the market opens today within the range with a further drop to $2.82.
Price is back up at $2.94 above the two EMAs while the stochastic oscillator signal points up at 73% an indication of upward momentum in the range in the short-term.
QTUMUSD is in consolidation and trading between $3.000 in the upper supply area and at $2.800 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen 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.
