QTUMBTC Trade| Range Pivot|Hidden Divergence|Neckline Resistance

Jun 28, 2020Evening Traders,

Today’s Analysis – QTUMBTC – Testing range midpoint in an extended descending channel , PA is at trend pivot . Breaking bullish will establish a potential right shoulder, breaking bearish will make the immediate target, range support.

Points to consider,
- Trend trading in a channel
- Midpoint (Local support)
- Range resistance (neckline confluence)
- Hidden bullish divergence ( RSI )
- Volume profile in synch with H&S

QTUMBTC has been trending in a channel with the local support being respected, (range midpoint). Holding this area will establish a potential right shoulder in an H&S pattern.

The range resistance is a key pivot ; breaking above this will confirm the chart pattern.

QTUMBTC has a hidden bullish divergence ; price action at current level will confirm its significance.

The Volume profile is in synch with the potential head and shoulders pattern. Breaking the neckline will need volume follow through for confirmation.

Overall, in my opinion, QTUMBTC is at a pivot point in the chart. Price Action here will dictate the next directional move. Breaking bullish will confirm the pattern and trend change. Breaking down bearish will make the immediate target – range support.

What are your thoughts?

Thank you for following my work!

And remember,

“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb