Technical Analysis - Quant
QNT/BTC - 12/17/2019
As shown in the chart above, we will be Updating the QNT/BTC Analysis from the 21st of November.
QNT has received an MKAST Sell-Signal and broken the local uptrend, as warned in the previous article.
Nevertheless, the violent breakdown, this current downtrend sees some signs of weakness, yet none of the reversal yet.
There is a chance worth mentioning that QNT indeed could see some form of a bounce from the shown green key-area of support. Should this fail, though, a steep retrace will be imminent.
We are talking here about the “last hope” for this pair, given the new structure. Looking at the TJ-Index, it is worth mentioning that it is and already has approached shallow levels, which historically have acted as levels of reversal.
QNT might have lost the local bullishness, yet the over-all bullishness still remains. Given the fact of a decreasing volume, a very low TJ-Index, and an “old” Sell-Signal, considering a possible bounce is reasonable.
Personally, I would wait until the MKAST Algorithm prints a Buy-Signal to start looking for entries before putting down orders. This would most likely exclude preemptive entries and reduce risk as a whole.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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