Looking at the weekly chart, I'm leaning bearish for multiple reasons.
1) The 12 EMA (Teal) is under the 26 EMA (Orange)
2) Looking at the MACD, the blue (fast line) is below the orange (slow line).
3) QTUM currently broke the white rising support line. If it closes below the trend line on May 13th, that means the current uptrend has changed.
HOWEVER... Even if it closed below the trendline, it still as a high chance of a weekly higher low is set compared to the low of .0019 BTC in the week of April 2-9. After that, the bulls would like to see a lower high and then a higher high but that is being optimistic. Right now I would like to see how QTUM plays out between the two ranges I have bounded by the red and green horizontal lines (resistance and support respectively).
1) The 12 EMA (Teal) is under the 26 EMA (Orange)
2) Looking at the MACD, the blue (fast line) is below the orange (slow line).
3) QTUM currently broke the white rising support line. If it closes below the trend line on May 13th, that means the current uptrend has changed.
HOWEVER... Even if it closed below the trendline, it still as a high chance of a weekly higher low is set compared to the low of .0019 BTC in the week of April 2-9. After that, the bulls would like to see a lower high and then a higher high but that is being optimistic. Right now I would like to see how QTUM plays out between the two ranges I have bounded by the red and green horizontal lines (resistance and support respectively).