2019-5-3 16:49 |
QTUM is bearish over the short-term, with the QTUM / USD pair trading below its 200-period moving average on the four-hour time frame The four-hour time frame shows a bearish head and shoulders pattern The daily time frame shows an inverted head and shoulders pattern and a bearish head and shoulders pattern Qtum / USD Short-term price analysis
QTUM has a bearish short-term trading bias, with the cryptocurrency trading below its 200-period moving average on the four-hour time frame.
The four-hour time frame shows that a bearish head and shoulders pattern has formed, with the QTUM / USD pair trading close to the neckline of the bearish pattern.
Technical indicators on the four-hour time frame have turned bullish and continue to signal near-term upside.
QTUM / USD H4 Chart by TradingView
Pattern Watch
Traders should note that a much larger head and shoulders pattern will form on the four-hour time frame if the current bearish pattern is triggered.
Relative Strength Index
The Relative Strength Index is bullish on the four-hour time frame, although it is starting to approach overbought territory.
MACD Indicator
The MACD indicator is bullish on the four-hour time frame, with the MACD signal line still issuing a buy signal.
Fundamental Analysis
Qtum is trending up after the announcement of a partnership with Google Cloud. Qtum has released a full suite of tools for blockchain developers, that should simplify development and node set-up for both engineers and non-technical users.
Qtum / USD Medium-term price analysisQTUM has a neutral medium-term trading bias, with the QTUM / USD pair consolidating around its key 200-day period moving average.
The daily time frame is showing that buyers and sellers are battling for medium-term control of the QTUM/USD pair, with both bullish and bearish patterns now present.
Technical indicators on the daily time frame are attempting to recover higher following the recent fall in the QTUM / USD pair.
QTUM / USD Daily Chart by TradingView
Pattern Watch
Traders should note that the October 2018 trading high is the bullish target of the large inverted head and shoulders pattern on the daily time frame.
Relative Strength Index
The Relative Strength Index indicator has now turned bullish on the daily time frame.
MACD Indicator
The MACD indicator is also attempting to turn bullish on the daily time frame.
Fundamental Analysis
The medium term prospects for the project look promising. The project continues to develop solid partnerships with projects like Amazon Web Services, Google Cloud, Zeus, among others.
ConclusionQTUM is under increasing pressure in the short-term, with the bearish pattern on the four-hour time frame currently looming over the QTUM / USD pair.
The medium-term outlook appears more uncertain for the cryptocurrency, with both bullish and bearish patterns now seen across the daily time frame.
Check out our coin guide for Qtum for a quick introduction to the project.
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