QTUM/BTC has broken up a falling wedge in a downtrend (bullish reversal pattern) in the daily chart.
This pattern has been built since mid-August.
The MACD has hit a triple bottom and now looks ready to turn bullish again.
BTC/USD also is currently building a rising wedge in an uptrend (bearish reversal pattern), which can indicate that the price of BTC will correct a little. This will also help QTUM/BTC to rise.
We have recently seen many alt-coins go up into impressive run ups (ADA, IOTA, XRP, ETH, LTC, and so on).
People are psychologically being attracted to strong moves in prices, and QTUM could be the next on the list.
The price is currently testing the 23.6% Fib. retracement measured from the high August 11 (I didn't choose the ATH on August 10 because I think the Fib. levels were not as relevant as the ones I used).
Price is also currently building flags in the smaller time frames (1h and lower), which are bullish continuation patterns.
I think an entry point for this market would be now.
My targets are the 61.8% and 78.6% Fib. retracements, respectively at 0.0034 (around +100%) and 0.0040 BTC (around +135%).
The trade would be considered a failure if price were to re-enter the wedge.
This is not financial advice, this is just my opinion. Any comment is appreciated.
This pattern has been built since mid-August.
The MACD has hit a triple bottom and now looks ready to turn bullish again.
BTC/USD also is currently building a rising wedge in an uptrend (bearish reversal pattern), which can indicate that the price of BTC will correct a little. This will also help QTUM/BTC to rise.
We have recently seen many alt-coins go up into impressive run ups (ADA, IOTA, XRP, ETH, LTC, and so on).
People are psychologically being attracted to strong moves in prices, and QTUM could be the next on the list.
The price is currently testing the 23.6% Fib. retracement measured from the high August 11 (I didn't choose the ATH on August 10 because I think the Fib. levels were not as relevant as the ones I used).
Price is also currently building flags in the smaller time frames (1h and lower), which are bullish continuation patterns.
I think an entry point for this market would be now.
My targets are the 61.8% and 78.6% Fib. retracements, respectively at 0.0034 (around +100%) and 0.0040 BTC (around +135%).
The trade would be considered a failure if price were to re-enter the wedge.
This is not financial advice, this is just my opinion. Any comment is appreciated.
Trade active:
We are going up faster than I expected. If this candle closes above the 50% retracement at around 0.00295, we are surely going to hit the first target in my opinion (sooner than expected).
Trade closed: target reached:
TARGET 1 HIT, shall we go for another round?
Trade closed: target reached:
TARGET 2 HIT.
Comment:
And what a hit, I should add.