Short
QTM fight on support
QTM is actually on a very important support level (fib retracement 23.6% and also a swing trend line).
This level has been tested several times and till now it has shown enough strength to hold the price.
But with falling momentum (nearly no volume), falling coin prices generally, a RSI in negative zone and perhaps crossing long trend line - the danger is high that QTM drops below this important support.
In this negative case next halt would be a swing trend line at 19$. In the upgoing trend (dec 2018) there has been a very fast rise from 19 to 25$ - today it could go the other way round.
Stop: below the actual support
Buy: only if QTM fights back and crosses the upper limit of the descending triangle, with more momentum in its backpack.
This level has been tested several times and till now it has shown enough strength to hold the price.
But with falling momentum (nearly no volume), falling coin prices generally, a RSI in negative zone and perhaps crossing long trend line - the danger is high that QTM drops below this important support.
In this negative case next halt would be a swing trend line at 19$. In the upgoing trend (dec 2018) there has been a very fast rise from 19 to 25$ - today it could go the other way round.
Stop: below the actual support
Buy: only if QTM fights back and crosses the upper limit of the descending triangle, with more momentum in its backpack.
Note
Note
After QTM broke down the support level it fell to about 11$ (= -50%). It rebounded on the fib retracement and rose very quickly to about 20$ (= + 80%). Hopefully you guys have placed your stops at 25$!
We can now take the actual swing trend line as support.
I do not recommend to re-invest now because after this rush a consolidation is probable.
Disclaimer
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.