RSI is oversold, so there is the potential to play the bounce, however it is too risky in my opinion, unless you have to motivation to do so. So as listed in my other QTUM chart, except now "updated" to fix the chart text TYPO...I have been expecting a bullish reaction here at the 61.8% Golden Zone, where YES, we can see we have found nice support...for the time being, but obviously the correlation with Bitcoin is strong, as it is with every other coin.
CURRENT STRATEGY.
I'm going to wait and see. We can see previously, we basically double bottomed, and are on our way back down, so I would ABSOLUTELY NOT enter a long position until I see what happens, if and when we reach the lower fib targets.
If we punch through the Golden Zone, then watch the reactions at 78.6% and the 88.7%. But I'm watching from the sideline until we see confirmation of a reversal.
Thanks
**NOT FINANCIAL ADVICE, JUST SHARING WHAT I SEE.**
CURRENT STRATEGY.
I'm going to wait and see. We can see previously, we basically double bottomed, and are on our way back down, so I would ABSOLUTELY NOT enter a long position until I see what happens, if and when we reach the lower fib targets.
If we punch through the Golden Zone, then watch the reactions at 78.6% and the 88.7%. But I'm watching from the sideline until we see confirmation of a reversal.
Thanks
**NOT FINANCIAL ADVICE, JUST SHARING WHAT I SEE.**
Comment:
Also, once we complete this leg down, I will do another analysis and count to determine where we may go, but as far as I can see, the only thing that'll move QTUM, other than BTC, are Fundamentals.