QTUM Price Analysis - August 24, 2018
At the time of writing, QTUM price against BTC is currently at 0.000627 (627 for short).
Since the high of August 18th, QTUM has retraced quite deeply and is now almost resting on the slope indicated on the chart. In all honesty it looks like QTUM has just been bottoming out over the past few weeks. At 602 it's really at the lowest level seen since it has begun trading on Binance, at almost a 100% retracement. If you truly believe in QTUM as a project, now might be a good time to look into it again for a potential entry.
But, going back to our usual hourly chart now. On the downside, we'd monitor QTUM to see how it reacts to that sloping line we drew (it's not common to draw such a line, but it's a good visualization tool in these scenarios). Really the only support levels left here are at 615 and 602, below which we'd be in uncharted territory.
On the upside, QTUM has a few resistance levels ahead of it. A divergence from that downward slope with enough buying pressure will see it first contend with 665 before anything else. After such a sustained move down, that first resistance to break will be important. After that, QTUM will be looking at 680 and 700. Hopefully after 700 we'd see it consolidate a bit and start to see signs of a true bounce after this 100% bottoming out. After that we'd look at 740 and ultimately 790. Of course, this all depends on how the overall market is performing.
On the daily chart for QTUM, technical indicators give a bearish outlook (14 sell, 8 neutral, 4 buy)
On the weekly chart for QTUM, technical indicators also give a bearish outlook (12 sell, 6 neutral, 4 buy)
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