QTUM/USD BEAR PROJECTION
Aggiornato
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 [SHORT POSITION]
*Stop loss: 5.33 - 5.65 [DEPENDING ON YOUR CETAINTY]
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 [SHORT POSITION]
*Stop loss: 5.33 - 5.65 [DEPENDING ON YOUR CETAINTY]
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.
Commento
To all those who took this advice: I am sorry lolThis was not my best work, thank you all who tagged along for the ride.
Until next time my friends!
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