QTUMUSDT Dynamic Resistance| Daily S/R| .618 Fibonacci| 200MA

29 sept 2020

Evening Traders,

Second Analysis – QTUMUSDT- bearish Price Action with consecutive lower highs, a back test of Daily S/R is probable.

Points to consider,
- Bearish Price Action
- Key Dynamic Resistance (200 MA & .618 Confluence)
- Swing Low (Temporary Bottom)
- RSI Respecting Trend
- Stochastics Bearish
- Low Volume

QTUMUSDT is trading with bearish Price Action under key dynamic resistance; this allows us to have a bearish bias on the market. This area is in confluence with the .618 Fibonacci and 200 MA, adding to the probability of a resistance respect.

The swing low is a temporary bottom; price taking it out will make the Daily S/R an immediate target.

The RSI is respecting its trend line, a break will coincide with further downside on the stochastics. The stochastics are currently holding the 50 mid-point with a valid sell cross at current given time.

Volume is currently very low; an influx is probable when testing ley trade locations such as the Daily S/R.

Overall, in my opinion, QTUMUSDT is a valid short with defined risk; Price Action is to be used upon discretion/ management of trade.

Hope this analysis helps

Thank you for following my work!

And remember,

“It’s OK to be wrong; it’s unforgivable to stay wrong.” -Martin Zweig