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QTUM/BTC Completing an Inverted Head and Shoulders

QTUM/BTC has been in a choppy bearish trend, a sign of underwhelming interest. However, it could be gearing up for a price bottom, even if it is a temporary one as we have seen before.

QTUM/BTC

qtumbtc11162017a.png
  • Note the head and shoulders formed.
  • Also note that a previous head and shoulders resulted in only a brief bullish push and price action remained in the context of the bearish trend.
  • We should prepare for this possibility. 
    Tentative Trade Plan:
  • Use the shoulder as a key support pivot. 
  • Enter around 0.00165000 BTCs.
  • Stop: 0.00148000 (if price breaks below this, we should monitor the 0.00125000 area for next support.)
  • Target 1) 0.00190000
  • Target 2) 0.00220000
  • Target 3) 0.00260000

 

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