- The short-term is in a downtrend while the medium-term outlook is in a range-bound market.
- Patience must be exercised trading the consolidation.
QTUM/USD Medium-term Trend: Ranging
Supply zone: $6.00, $6.50, $7.00
Demand zone: $2.50, $2.00, $1.50
QTUM continues in a range-bound market in the medium-term outlook. The bulls were in control within the range during yesterday session right from the opening at $4.88. The coin rose to $5.13 above the two EMAs crossover.
Further upward movement was rejected at this area within the range as the bears made their way back into the market before the end of the session with price dropped to $5.01.
As the market open today the bears remained in control with increased momentum and subsequent drop in price to $4.67.With the signal of the stochastic oscillator pointing down at 28% and price below the two EMAs, this suggests a downward momentum in price within the range in the medium-term.
QTUMUSD is in consolidation and trading between $5.60 in the upper supply area and at $4.40 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.
QTUM/USD Short-term Trend: Bearish
Qtum is in a downtrend in the short-term outlook. Today’s session opened with a bearish inverted pin bar an indication of a trend reversal at $5.03 in the supply area. QTUMUSD fell initially to $4.85 and later to $4.67 in the demand area.
Price is below the two EMAs that are resistance against upward price movement The stochastic oscillator points down at 32% suggesting further downward movement in the short-term.
$4.65 in the demand area is on the card as bears initial target as more sellers take positions in the short-term.
Live Qtum (QTUM) Price:
1 QTUM/USD =$2.7677 change ~ -1.41%
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