Hello friends,
Long time no see. Just a quick thought on what I see for QTUM/USD:
*A bear flag forming on the 4hr for QTUM
*ABCDE Elliott wave pattern completed
*Price action has fallen below 50, 100, and 200 day moving average
*IF pattern is correct, price target of 3.82 - 4.10
*Stop loss: 5.33 - 5.65
Considering the price runup from 2.50 since Jan 1st, 2021 all the way up to about 8.50 in only a months time, I see a large drawback. Even with my price target, QTUM will still have doubled since Jan 1st.
This drawback will move along with BTC, as I also believe BTC will correct to around 40k - 42k region to complete an ABC correction from the 57k top.
UNDERSTAND: I am strictly coming from a technical perspective. I do not know much about QTUM so positive fundamental news can always shake this pattern out. Nothing is certain.
UNDERSTAND: If BTC doesn't correct as fore mentioned, then the conviction of this pattern is weakened, but not completely ruled out.
This is not a long term hold, my time forecast is between 2-15 days depending on market price action.
I have a short position active, small but there to enforce my confirmation bias.
Good luck all, see you on the greener pastures.
Long time no see. Just a quick thought on what I see for QTUM/USD:
*A bear flag forming on the 4hr for QTUM
*ABCDE Elliott wave pattern completed
*Price action has fallen below 50, 100, and 200 day moving average
*IF pattern is correct, price target of 3.82 - 4.10
*Stop loss: 5.33 - 5.65
Considering the price runup from 2.50 since Jan 1st, 2021 all the way up to about 8.50 in only a months time, I see a large drawback. Even with my price target, QTUM will still have doubled since Jan 1st.
This drawback will move along with BTC, as I also believe BTC will correct to around 40k - 42k region to complete an ABC correction from the 57k top.
UNDERSTAND: I am strictly coming from a technical perspective. I do not know much about QTUM so positive fundamental news can always shake this pattern out. Nothing is certain.
UNDERSTAND: If BTC doesn't correct as fore mentioned, then the conviction of this pattern is weakened, but not completely ruled out.
This is not a long term hold, my time forecast is between 2-15 days depending on market price action.
I have a short position active, small but there to enforce my confirmation bias.
Good luck all, see you on the greener pastures.
This was not my best work, thank you all who tagged along for the ride.
Until next time my friends!