Technical Analysis - Quant
QNT/BTC - 03/10/2020
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As shown above, we will be updating the technical status of QNT/BTC from the 18th of February.
QNT has not moved amazingly since the previous update, and it is bleeding down slowly into support without any significant volume nor without strong price action. We can see a somewhat bullish market structure, but we cannot ignore the possible bearish side of it.
The MKAST Algorithm has turned to a sell condition. This is due to the fact of QNT not being able to make big nor significant moves upwards and slowly rising downwards. The Current structure looks like a falling wedge, and the falling volume in combination with it can be seen as a “healthy retrace,” which would ultimately be bullish. Looking at the TJ-Index, we are seeing a very low number (2 out of 15), which is indicating a possibility of this being a local bottom due to oversold conditions. After looking at all the bullish reasons, we have to take into account a bearish scenario toe qual out our analysis and double-check ourselves. This would be a possibility for QNT to break this bullish structure with a big double-digit negative candle downwards or at least to the Snapshots All Time Low. The chances for this are there but low at the same time.
Experienced traders would be looking for trades with an invalidation below the green box. This is a distinct and easy set-up.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!