WhaleAgents

QTUM - break out approaching

BINANCE:QTUMBTC   Qtum / Bitcoin
Qtum is still falling but the recent signs are encouraging for the bulls. The price action has been declining for three months now as the trend line keeps the price below it. Since the beginning of May, Qtum is creating lower lows and lower highs, which means a downtrend is taking place. However, it is testing the trend line more often now which is one of the signs of an incoming breakout. If that happens and the price closes above the trend line, it is expected to see higher price in Qtum in the coming days/weeks. The first resistance to be tested is 23.6% Fibonacci retracement, followed by the 100 DMA around 0.001320. Any move below the trend line again is a signal that a false breakout has occurred.

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